Bill > HB329

This bill establishes new provisions for directing specific insurance-related taxes and fees into the Louisiana Fortify Homes Program Fund, a dedicated fund likely aimed at supporting home resilience or repair efforts. The bill requires the state treasurer to deposit multiple revenue streams into this fund, including: the first five million dollars from surplus lines insurance taxes each fiscal year, $1,000 from each annual financial regulation fee, $15 from various insurance-related licensing and renewal fees (such as producer licenses, claims adjuster licenses, and public adjuster licenses), and an additional five million dollars from taxes collected on fire, marine, transportation, casualty, surety, and other insurance categories. The bill also grants the Commissioner of Insurance expanded powers to enter into cooperative agreements for collecting insurance policy information, including potential use of a clearinghouse, and allows the commissioner to establish rules and regulations for administering these tax collection processes. These changes will take effect on July 1, 2026, and are designed to provide a consistent and structured funding mechanism for the Louisiana Fortify Homes Program by leveraging existing insurance-related revenue streams.

Business and Industry

https://www.legis.la.gov/legis/BillInfo.aspx?s=25rs&b=HB329&sbi=y