§5087. Authority of commissioner of insurance

            A. Each risk management organization shall file with the commissioner of insurance within six months of the end of the organization's fiscal year a certified audited financial statement and a review of its operations and general condition by a certified independent casualty actuary.

            B. No risk management organization shall become operational until issued a certificate of authority by the commissioner of insurance under such rules and regulations as he may promulgate to assure compliance with the provisions of this Chapter. The commissioner of insurance may examine the books, records, and affairs of any risk management organization for the purpose of determining compliance with this Chapter and may revoke the certificate of authority of any organization determined to not be in compliance with this Chapter.

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