Louisiana Insurance Update: Finally Some Good News

With the current state of the Louisiana insurance market, where we are often having tough conversations, it's great to finally see progress being made!

It seems as though Insurance Commissioner Tim Temple is hearing the cry of Louisiana residents and moving the needle on the legislative level!

IIABL Legislative Update

Commissioner Temple and his team are pushing insurance and tort reforms to make Louisiana more appealing to insurance companies. In their most recent update, the Independent Insurance Agents & Brokers of Louisiana state that they are working closely with Commissioner Temple, the insurance industry and the business community to move these reforms through the legislature. 

The good news is that the majority of legislators have embraced this vision to keep the bills moving along through the process. Most recently, these major reform bills moved through the House and Senate to the second chamber of the legislature! 

HB 511 by Rep Big John Illg passed the House by a vote of 96-5. Rep Illg brought HB 511 at the request of IIABL to protect agents from subrogation from insurance companies on UM selection forms. HB 511 requires insurance companies to verify the proper completion of UM selection forms, requires insurers to maintain a permanent copy of the form in their records, and prohibits insurers from delegating those responsibilities to their agents.

So what else is in play?

Our reps are also playing defense against committees and bills that would negatively effect us. 

HB 120  WILLARD  Repeals the termination date and extends the Louisiana Fortify Homes Program. This bill proposes the cancellation of the termination date for the Louisiana Fortify Homes Program. To elaborate, it is suggesting to remove the clause in statute R.S. 22:1483.1(F) that sets an end date for the program. The Fortify Homes Program is a initiative in Louisiana designed to assist homeowners in making their properties more resistant to damages from natural disasters. The cancellation of the termination date implies that the program will continue indefinitely.

SB 323 TALBOT  These bills would establish and clarify the rights, duties, and timelines imposed on both the policyholder and insurer to ensure swift resolution of an insured’s claims, including offering insurance companies cure periods. SB 232 would retain an insured's ability to file a bad faith claim and receive the same court-awarded damages and attorney fees they could obtain under current law. HB 678 would adopt Texas's prompt payment of claims framework, including its provisions on cure periods, penalties/interest and attorney’s fees.

We're following these and more very closely! Keep an eye out for more information about these important legislative updates through our blogs and monthly blasts.

At Kastner Insurance Group, we are always staying on top of changes to the market and take full responsibility for sharing relevant updates with you.

In the meantime, if you have any questions or need more information, feel free to call us anytime!

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