LA HB437

Insurers with replacement cost coverage may withhold recoverable depreciation or replacement cost holdback payments until receiving proof the policyholder paid their deductible, with acceptable proof including canceled checks, credit card statements, or installment plan contracts

Third-party claimants deprived of their personal vehicle for more than five business days due to insurer inaction are entitled to reasonable alternative transportation expenses, with penalties for arbitrary non-payment increased from $1,000 to $2,500

First-party insureds with rental vehicle coverage must receive rental vehicle approval within three business days of written request, or face penalties up to 50% of reasonable expenses or $2,500 if the failure is arbitrary or capricious

Insurers may determine motor vehicle actual cash value using industry-recognized sources such as electronic databases or guidebooks, and insureds can challenge valuations by presenting two independent appraisals demonstrating higher local market value

Creates standardized proof of loss statement requirements for property claims, requiring insurers to file forms with the commissioner, provide forms to claimants within 10 business days, and notify claimants within 10 business days whether submissions are complete