The Louisiana Department of Insurance (LDI) said in the last two weeks it intends to amend at least five regulations.
The LDI seems to amend Regulation 42 to bring the regulation into alignment with current law. Definitions have been updated. The requirements for an application to create a group self-insurance fund have been revised. The language regarding filing and use of rates has been updated. The procedure for addressing fund insolvencies has been updated. Language regarding required examinations of group self-insurance funds has been added.
The LDI intends to to amend Regulation 84—Recognition and Selection of the Applicable CSO Mortality Table in Determining Minimum Reserve Liabilities and Nonforfeiture Benefits. The purpose of the amendment of Regulation 84 is to prescribe usage of the appropriate mortality tables for life insurance, particularly minimum reserve liabilities and nonforfeiture benefits, in recognition of the Standard Valuation Manuals adopted by the National Association of Insurance Commissioners (NAIC).
The LDI is in the process of amending Regulation 31. The purpose of the amendment to Regulation 31 is to add provisions for exemptions to the filing of reviewed financial statements for both Form A and Form B.
The LDI is also in the process of amending Regulation 112. The purpose of amending this regulation is to identify and to incorporate by reference the current edition of handbooks, guidelines, forms, and instructions adopted by the National Association of Insurance Commissioners (NAIC) and referenced in the Louisiana Insurance Code.
The LDI also plans to amend Regulation 100, entitled “Coverage of Prescription Drugs Through a Drug Formulary.” The purpose of amending this regulation is to update Regulation 100 to account for notice requirements that were added to R.S. 22:1068(D)(3) and R.S. 22:1074(D)(3) by Act 217 of the 2021 Regular Session that health insurance issuers in the small, large, and individual markets must follow when modifying certain drug coverages.
The amendment will be published in the Louisiana Register on June 20, 2022.
Regulations can be viewed in full on the LDI’s website.
Topics Legislation Louisiana
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