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LA HB148
Bill
Status
5/28/2025
Primary Sponsor
Jeff Wiley
Click for details
AI Summary
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Insurers must display the prior policy premium prominently alongside the renewal premium when issuing homeowners' or private passenger motor vehicle insurance renewals in Louisiana
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The distinction between "competitive" and "noncompetitive" insurance markets is eliminated, making all rates subject to review for being excessive, inadequate, or unfairly discriminatory
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The definition of "excessive" rate is expanded to include unreasonably high profits or unreasonably high expense provisions relative to services rendered
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The Commissioner of Insurance now determines whether rate filing information is confidential, trade secret, or proprietary, rather than insurers making that designation themselves
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Insurers have 10 days to request an administrative hearing if they disagree with the commissioner's determination to disclose information they marked as confidential
Legislative Description
Requires insurers to provide prior premium amounts with renewals of certain insurance policies and repeals the distinction between competitive and noncompetitive markets with respect to the regulation of insurance rates
INSURANCE
Last Action
Effective date: 08/01/2025.
5/28/2025