LAC 37:XIII.19301. Definitions

A. When used in this regulation, the following words or terms shall have the following meaning. Contingent Liability—the amount that a group self-insurance fund may be obligated to pay in excess of a given fund year’s normal premium collected or on hand. Department—the Louisiana Department of Insurance. Group Self-Insurance Fund or Fund—employers who enter into agreements to pool their automobile liabilities for timber transportation vehicles, agriculture transportation vehicles, or a combination of both types of vehicles in accordance with Louisiana Revised Statutes 3:4351.2. Members Distribution Payable/Surplus―assets of a group self-insurance fund in excess of loss reserves, actual and contingent liabilities and loss development reserves in all fund years. Surplus—assets of a group self-insurance fund in excess of loss reserves, actual and contingent liabilities and loss development reserves in all fund years.