On Jun. 17, LOU LEG enacted bill revising provisions for insurers.
LOU LEG enacted HB 635, renaming the Captive insurers law as the Creating holistic options in coverage for enterprise and self-insurance law (CHOICES Law).
Amends LOU INS 22:550.1-.26, adds LOU INS 22:550.27-.32 (captive insurance companies), adds LOU INS 22:821(40) (fees to be paid to commissioner of insurance).
Also amends LOU LEG 44:4.1(B)(11) (exemptions to laws governing public records).
Bill Provisions
Requires captive insurance company to be incorporated as a stock insurer; authorizes a captive insurance company to incorporate as stock or nonstock corporation.
Extends public records exception to certain books and other materials for examination.
Specifies capital and surplus requirements for captive insurers and their affiliates.
Provides for certain requirements for captive insurance companies to operate in LA.
Revises types of documentation, confidentiality provisions related to examinations.
Imposes direct premium tax rate of 0.15%, with tiers for certain percentages.
Modifies timeline requirement for policy form approvals from 45 days to 30 days.
Authorizes redomestication of foreign insurer as a captive insurance company.
Defines and regulates dormant captive insurance companies, provides for certificate.
Legislative History
On Apr. 14, 2025, bill introduced in House; on May 13, 2025, bill passed in House.
On May 14, 2025, bill introduced in Senate; on Jun. 2, 2025, amended bill passed.
On Jun. 3, 2025, bill returned to House to consider amendments, result was to concur.
On Jun. 17, 2025, bill was assigned Act 313 following governor approval.
Effectiveness
If an effective date is not provided in the bill text, the bill will always become effective on Aug. 1 of the year that the bill passed the legislature, so if approved Aug. 1, 2025.
Regulators
LOU LEG
Entity Types
Ins
Reference
Act HB635, 6/17/2025; Citation: LOU INS 22:821; LOU LEG 44:4.1;
