LAC 37:XIII.20101. Definitions

A. For the purposes of Regulation 125, the following terms are defined as follows: Commissioner—the Commissioner of Insurance of the state of Louisiana. Department—the Department of Insurance of the state of Louisiana. Fund—the self-insurance fund established pursuant to R.S. 12:1851 et seq. to provide property insurance for churches and nonprofit religious organizations and shall be known as the Louisiana Churches and Nonprofit Religious Organizations Self-Insured Fund. Insolvency—the condition existing when the fund’s liabilities are greater than the fund’s assets as determined in accordance with generally accepted accounting principles as delineated in the fund’s financial statement audited by an independent certified public accountant and calculated before a member’s distribution is payable or before a dividend is declared. Members Distribution Payable/Surplus―assets of the fund in excess of loss reserves, actual and contingent liabilities and loss development reserves in all fund years.