Bill > HB148

This bill modifies Louisiana's insurance regulations by eliminating the previous distinction between competitive and noncompetitive insurance markets and introducing several key changes to insurance rate oversight and policy renewal practices. The legislation requires insurance companies that offer homeowners' or private passenger motor vehicle policies to provide customers with their previous premium amount prominently displayed when renewing their policies, enhancing transparency for consumers. The bill gives the Louisiana insurance commissioner broader authority to review and potentially disapprove insurance rates if they are determined to be excessive, inadequate, or unfairly discriminatory, removing previous market-specific constraints. Additionally, the bill establishes new procedures for public inspection of rate filings, with the commissioner now responsible for determining whether submitted information is confidential, proprietary, or a trade secret. If a rate is found to be excessive or discriminatory, the commissioner can now direct insurers to collect additional premiums or issue refunds. The legislation also repeals several existing statutes related to market classifications, effectively streamlining insurance rate regulation in the state and providing more consistent oversight across different types of insurance policies.

Business and Industry

https://www.legis.la.gov/legis/BillInfo.aspx?s=25rs&b=HB148&sbi=y