R.S. 22:2026

Set-offs ACTIVE

A. In all cases of mutual debts or mutual credits between the insurer and another person, such credits and debts shall be set-off and only the balance shall be allowed or paid; however, no set-off shall be allowed in favor of any person when either of the following apply:

(1) The obligation of the insurer to such person was purchased by or transferred to such person with a view of its being used as a set-off.

(2) The obligation of such person is to pay an assessment levied against the members or subscribers of any insurer which issued assessable policies, or to pay a balance upon a subscription to the shares of a stock insurer.

B. When a producer or other person purchases a policy of insurance for the unexpired term of the policy and takes an assignment of the unearned premium claim from the insured, this action shall not be considered as a purchase of an obligation with a view of its being used as a set-off.

Actions

References

None.

Cited by

None.

History

  • enactment Acts 1958, No. 125
  • amendment Acts 1960, No. 172, §1
  • amendment Acts 2012, No. 271, §1

Section navigation

Cite R.S. 22:2026

Bluebook
La. Rev. Stat. Ann. § 22:2026 (2026).
Permalink
https://theusufruct.com/rs/title-22/section-2026
BibTeX
@misc{larevstat-22-2026,
  title        = {La. Rev. Stat. Ann. § 22:2026},
  howpublished = {Louisiana Revised Statutes},
  year         = {2026},
  url          = {https://theusufruct.com/rs/title-22/section-2026},
  note         = {Snapshot 2026-05-22}
}