§5084. Risk management organization not an insurance company or insurer

            A. A risk management organization is not an insurance company or an insurer under the laws of this state, and the development and administration by the organization of a group self-insurance refund or funds established for one or more risks shall not constitute doing business as an insurance company. Agreements between affiliates and subsidiaries of housing authorities providing for the creation and maintenance of a risk management organization shall not be deemed to constitute insurance as defined by R.S. 22:46, nor shall the risk management organization or the development of a group self-insurance fund be subject to the provisions of Chapter 1 of Title 22 of the Louisiana Revised Statutes of 1950.

            B. Any declaration of coverages issued to its members by the organization shall have the following notice:

            "In the event of insolvency of the risk management organization, the members of the organization are not covered by the Louisiana Insurance Guaranty Association or the Louisiana Life and Health Insurance Guaranty Association, which guarantees only specific types of policies issued by insurance companies authorized to do business in Louisiana."

            Acts 2022, No. 686, §1, eff. June 18, 2022.