Governor Signs Bill on Captive Insurer Changes

Louisiana Gov. Bobby Jindal (R) has signed legislation to change the capital requirements for captive insurance companies.Senate Bill 205 by Sen. Dan Morrish, R-Jennings, changes current law to provide that a "pure captive insurer" must maintain at all times, in addition to any other capital or surplus required to be maintained by the state insurance commissioner, unimpaired paid-in capital and surplus of not less than $500,000.The requirement has been for $1 million.SB 205 also adds a requirement that an "association captive insurer" must maintain, in addition to any other capital or surplus ...