LA SB247

Removes the legal distinction between "competitive" and "noncompetitive" insurance markets, eliminating the presumption that rates in competitive markets cannot be considered excessive

Expands the Insurance Commissioner's authority to disapprove any insurance rate deemed excessive, inadequate, or unfairly discriminatory, regardless of market competitiveness

Defines "unreasonably high" rates as those that do not comply with Actuarial Standards of Practice adopted by the American Academy of Actuaries

Requires the Commissioner to "continuously" rather than "regularly" monitor the degree and existence of competition in Louisiana's insurance market

Effective date: August 1, 2025