PART VI. LOUISIANA WORKERS' COMPENSATION

CORPORATION

§1391. Purpose

            A. It is hereby declared by the Legislature of Louisiana that an adequate market for workers' compensation insurance is necessary to the economic welfare of the state and that without such insurance, the orderly growth and development of the state would be severely impeded; that, furthermore, adequate insurance for workers' compensation is necessary to enable employers to satisfy their legal obligation under R.S. 23:1168.

            B. It is the purpose of the corporation to provide a residual market for those employers that have in good faith, but without success, sought workers' compensation insurance in the voluntary market of insurance; to provide a competitive market for preferred risk policies as defined herein; and to insure that rates charged are adequate to provide solvency and self-funding of the corporation.

            Acts 1991, No. 814, §1; eff. Nov. 20, 1991.