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LA SB62
Bill
Status
Introduced
4/2/2025
Primary Sponsor
W. Jay Luneau
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AI Summary
- Extends the prohibition against excessive insurance rates to competitive markets; currently only noncompetitive markets are subject to this restriction
- Removes the existing provision that "no rate in a competitive market shall be considered excessive"
- Requires the commissioner of insurance to disapprove any rate determined to be excessive, inadequate, or unfairly discriminatory, regardless of whether the market is competitive or noncompetitive
- Authorizes the commissioner to require insurers to refund any premium amounts deemed excessive
- Effective August 1, 2025
Legislative Description
Requires the commissioner of insurance to determine if premium rates are excessive. (8/1/25)
INSURANCE COMMISSIONER
Last Action
Introduced in the Senate; read by title. Rules suspended. Read second time and referred to the Committee on Insurance.
4/14/2025
Committee Referrals
Insurance4/2/2025
Full Bill Text
No bill text available