Bill > SB214

This bill replaces the current method of selecting Louisiana's insurance commissioner from an elected position to an appointed position, with the governor nominating a candidate subject to Senate confirmation. The bill establishes a detailed nominating committee composed of representatives from various state organizations and interest groups, including the state treasurer, legislative committee members, banking and home building associations, consumer advocacy groups, and others. The nominating committee will submit three eligible nominees to the governor, who will then make the final appointment. The new commissioner must have at least five years of practical experience in insurance, cannot hold other public offices, must have no financial interests in regulated insurance entities, and can serve a maximum of two consecutive six-year terms. The bill also outlines specific grounds for removing the commissioner, such as incompetence, ethics violations, or failure to discharge duties effectively. Additionally, the bill removes references to the insurance commissioner as an elected position in various state statutes, effectively transitioning the role from an elected to an appointed position. The changes will be implemented either when the current elected commissioner's term expires or when a vacancy occurs, with a target effective date of August 1, 2028.

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https://www.legis.la.gov/legis/BillInfo.aspx?s=25rs&b=SB214&sbi=y