Bill > HB635

This bill establishes the Creating Holistic Options in Coverage for Enterprise and Self-Insurance (CHOICES) Law, which comprehensively updates Louisiana's regulations for captive insurance companies. The bill defines various types of captive insurance companies, including pure captive, association captive, and branch captive insurance companies, and provides detailed regulatory framework for their formation, operation, and oversight. Key provisions include establishing minimum capital and surplus requirements, mandating specific reporting and examination procedures, and outlining restrictions on the types of insurance these companies can provide. The bill requires captive insurance companies to obtain a certificate of authority from the insurance commissioner, maintain financial records, submit annual reports, and comply with specific investment and operational guidelines. Additionally, the legislation sets tax rates for these companies, creates a process for dormant captive insurance companies, and ensures confidentiality of certain company information. The bill aims to provide a comprehensive and structured approach to regulating captive insurance companies in Louisiana, offering clear guidelines for their establishment, governance, and ongoing compliance while protecting the interests of policyholders and maintaining financial transparency.

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https://www.legis.la.gov/legis/BillInfo.aspx?s=25rs&b=HB635&sbi=y