DIGEST
The digest printed below was prepared by House Legislative Services. It constitutes no part of the
legislative instrument. The keyword, one-liner, abstract, and digest do not constitute part of the law
or proof or indicia of legislative intent. [R.S. 1:13(B) and 24:177(E)]
HB 511 Original 2015 Regular Session Seabaugh
Abstract: Provides for the appointment of counsel in the rehabilitation, liquidation, or conservation
of insurers, and for the distribution of surplus receivership assets by the commissioner of
insurance.
Present law provides for representation of the commissioner of insurance by the attorney general in
connection with the rehabilitation, liquidation, or conservation of domestic insurers in receivership.
Proposed law retains present law, but adds that the representation occurs when the assets of the
insurer's estate meet or exceed $1 million.
Proposed law allows the commissioner of insurance to employ staff counsel or special counsel to
provide representation when the assets of the insurer's estate are less than $1 million.
Present law provides for the distribution by the court of any surplus found to exist after the
distribution of the assets of an insurer adjudicated insolvent.
Proposed law provides for the distribution by the commissioner of insurance, subject to approval by
the court, of any surplus found to exist after the distribution of the assets of an insurer adjudicated
insolvent.
Effective upon signature of governor or lapse of time for gubernatorial action.
(Amends R.S. 22:2018 and 2034(G))