LA HB904

Authorizes the Insurance Commissioner to waive requirements for risk retention groups if waivers comply with National Association of Insurance Commissioners (NAIC) accreditation standards and to promulgate rules for implementation

Expands acceptable forms of capital for captive insurers to include surplus debentures, letters of credit, and commissioner-approved trusts, while allowing the commissioner to impose additional capital requirements based on business type and volume

Grants the commissioner authority to require captive insurance companies and risk retention groups to deposit money or securities to address financial solvency concerns

Limits association captive insurers' exposure to loss on any single risk to 10% of capital and surplus, with commissioner authority to set lower limits between 3-10% for captive insurers and risk retention groups

Requires risk retention groups to comply with NAIC corporate governance standards, use NAIC annual statement forms and accounting practices, and file annual financial statements by March 1