Opinion Number

Dear Mr. Wall:

You have requested an opinion of the Attorney General regarding an interpretation of the case captioned Landerno v. First Security Corporation, 609 So.2d 266 (La.App. 3d Cir. 1992). The case concerns the Louisiana Department of Insurance's (LDI) authority and responsibility to regulate the sale of securities pursuant to R.S. 22:76, et seq. As a result of the ruling, you seek our legal opinion regarding the following issues:

1. If a holding company with investments in insurance companies and unrelated entities sells securities, should the securities be registered with the LDI or…