HLS 16RS-1245 REENGROSSED
2016 Regular Session
HOUSE BILL NO. 612
BY REPRESENTATIVE TALBOT
INSURANCE: Allows vehicle mechanical breakdown insurers to file audited consolidated
financial statements with the commissioner of insurance
1 AN ACT
2To amend and reenact R.S. 22:366, relative to vehicle mechanical breakdown insurers; to
3 allow such insurers to file certain audited statements in lieu of an audited financial
4 statement; to provide for the auditing of submitted statements; and to provide for
5 related matters.
6Be it enacted by the Legislature of Louisiana:
7 Section 1. R.S. 22:366 is hereby amended and reenacted to read as follows:
8 ยง366. Annual Reports
9 By June first of each year, every vehicle mechanical breakdown insurer shall
10 file with the commissioner an audited financial statement, audited consolidated
11 financial statements with the consolidating schedule, or such other financial
12 statements deemed acceptable by the commissioner for the immediately preceding
13 year ending December thirty-first. The financial statement submitted shall be
14 audited by a certified public accounting firm which is acceptable to the
15 commissioner. The commissioner may determine and require that additional
16 information be submitted with the audited financial statements.
Page 1 of 2
CODING: Words in struck through type are deletions from existing law; words underscored
are additions. HLS 16RS-1245 REENGROSSED
HB NO. 612
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 612 Reengrossed 2016 Regular Session Talbot
Abstract: Allows vehicle mechanical breakdown insurers to file audited consolidated
financial statements with the consolidating schedule with the commissioner.
Present law requires that every vehicle mechanical breakdown insurer annually file an
audited financial statement with the commissioner.
Proposed law retains present law, but allows a vehicle mechanical breakdown insurer to file
an audited consolidated financial statement with the consolidating schedule, or other audited
statement deemed acceptable by the commissioner, in lieu of the audited financial statement.
Proposed law provides that those submitted statements are subject to be audited.
(Amends R.S. 22:366)
Summary of Amendments Adopted by House
The Committee Amendments Proposed by House Committee on Insurance to the
original bill:
1. Restore language in present law that require the audited statements submitted to
the commissioner of insurance by vehicle mechanical breakdown insurers are
financial statements.
Page 2 of 2
CODING: Words in struck through type are deletions from existing law; words underscored
are additions.