On 03/31/2008, a new law was introduced relating to insurer deposits in the state of Louisiana. The new law which is titled HB 1113 revokes the law that permits insurers to furnish surety bonds in lieu of certain deposits required by the state. The previous law stated that securities or cash in an amount of at least $20,000 or a surety bond in the amount of $100,000 was required for alien/foreign insurers. HB 1113 also substantially amplifies the amount of cash or securities required from $20,000 to $100,000. The new law was enacted on June 25th, 2008.
Eric is the Chief Marketing Officer of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog.