Bill > HB932

This bill establishes the Louisiana Commercial Trucking Insurance Market Reform Act to address rising insurance costs and limited access for smaller trucking companies. It requires "captive insurers" – insurance companies owned by the businesses they insure, often large national trucking companies – that cover Louisiana trucking risks to contribute 3% of their "retained premium" (the premium not passed to other insurers) to a new "Louisiana Commercial Trucking Market Access Fund." This fund will support a "small carrier group purchasing pool," a new entity designed to help smaller Louisiana trucking companies (those with fewer than 25 vehicles) obtain more affordable insurance by pooling their risks. The bill also mandates that captive insurers maintain adequate reserves and surplus to cover potential claims, requires disclosure of insurance coverage in accident claims, and allows claimants to directly sue captive insurers to enforce judgments. These provisions aim to correct market imbalances caused by large companies using captives, improve insurance affordability and access for small businesses, and ensure accident victims have recourse.