Bill > SB68

This bill establishes the Homeowners' Insurance Transparency Act, which requires homeowners' insurance companies in Louisiana to submit detailed annual financial reports to the Department of Insurance. These reports must disclose comprehensive information about their affiliated entities, including total annual profits or losses, fees and commissions paid, services provided, and any financial interests or transactions that could potentially affect homeowners' insurance rates. The reports must be submitted within 90 days of the company's fiscal year-end and will be made publicly available on the department's website. Companies that fail to submit these reports may face penalties, including suspension of their ability to issue new homeowners' policies and fines ranging from $10,000 for a first offense to $25,000 for subsequent offenses. The bill defines key terms like "affiliated entity" (which includes claims adjustment firms and reinsurance companies) and gives the insurance commissioner authority to create necessary regulations to implement the act. The law is set to take effect on January 1, 2026, with the goal of increasing transparency in the homeowners' insurance industry and providing consumers with more insight into the financial operations of insurance companies.

Business and Industry

https://www.legis.la.gov/legis/BillInfo.aspx?s=25rs&b=SB68&sbi=y