Bill > HB736

This bill amends existing Louisiana law regarding the transparency of insurance rate filings, specifically focusing on what information can be protected as a "trade secret," which is defined as information that has independent economic value because it's not generally known and is kept secret through reasonable efforts. Insurers claiming trade secret protection must now submit a specific notice to the commissioner of insurance, clearly marking trade secret pages, separating them from other information, and providing a sworn affidavit detailing why the information qualifies as a trade secret and the measures taken to keep it secret, along with a public-facing summary. The bill explicitly states that certain financial information, transactions with affiliates, compensation, dividends, and information used to support or oppose legislation will *not* be considered trade secrets and must be disclosed. The commissioner will review these claims, and if denied, the insurer will be notified; furthermore, an independent third party will periodically review trade secret claims, and knowingly filing a false claim to conceal unlawful financial practices can result in fines and license suspension or revocation.