Bill > SB136

This bill requires insurance companies licensed to write homeowner's or private passenger automobile insurance in Louisiana to file an annual rate transparency report by January 1st, detailing the breakdown of factors that contribute to insurance rates. The report must include percentage breakdowns for specific components such as reinsurance costs, projected claims costs, loss adjustment expenses, fees and commissions, insurer profit and contingency, and other relevant risk factors. Insurers must provide a copy of their most recent rate transparency report to policyholders when issuing a new policy or renewing an existing one. The report must be in a format approved by the state insurance commissioner and include consumer-friendly explanations of how each risk factor impacts premium pricing. Additionally, the report must include contact information for the department's consumer services office. The bill specifies that the commissioner can create rules to implement these requirements and explicitly states that the law does not create a private right of action for consumers. These transparency measures aim to help consumers better understand how their insurance rates are calculated. The provisions of this bill will take effect on January 1, 2027.

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https://www.legis.la.gov/legis/BillInfo.aspx?s=25rs&b=SB136&sbi=y