Bill > SB297

This bill establishes a process for insurance companies to claim that certain information within their rate filings is a trade secret, meaning it has independent economic value because it's not generally known and is kept secret through reasonable efforts. To claim trade secret protection, insurers must clearly mark the specific pages or portions of documents as "trade secret," submit this information separately from non-trade secret material, and provide a sworn affidavit detailing why the information qualifies as a trade secret, including that it's not publicly available and its disclosure would cause demonstrable harm. However, the bill explicitly states that certain financial information used in rate calculations, transactions with affiliates, employee compensation, dividends, and information used to support or oppose legislation will *not* be considered trade secrets and will remain public. The commissioner of insurance will review these claims, and if denied, the insurer will be notified. Additionally, an independent third-party entity will periodically review trade secret claims, and those who knowingly make false claims to conceal unlawful financial practices could face fines and license suspension or revocation.

Business and Industry

https://www.legis.la.gov/legis/BillInfo.aspx?s=26rs&b=SB297&sbi=y