The Governor of Louisiana, John Bel Edwards, has signed HB79, a law impacting captive insurance companies in the State.
The law, which has passed all the previous regulatory hurdles, amends and re-enacts R.S. 22:550.14(A), relative to meetings of the board of directors of certain captive insurers, sets the minimum number of meetings that must be held annually.
The law stipulates that the board of directors of a captive insurer domiciled in Louisiana “shall meet in accordance with the following standards: (1) For an association captive insurer, at least quarterly each year. (2) For a pure captive insurer, at least annually.”
HB79 is a requirement for any captive looking to transact insurance in the State.