Senate Bill No. 412, titled the "Insure Louisiana Incentive Program," seeks to improve the availability and affordability of property insurance in Louisiana, particularly in light of recent catastrophic hurricane losses. The bill amends existing laws to promote participation from more insurers in the voluntary property insurance market, thereby increasing competition and reducing dependence on the Louisiana Citizens Property Insurance Corporation. It underscores the necessity of affordable property insurance for the state's economic health and public welfare.

Key features of the bill include the creation of cooperative endeavor agreements, matching capital fund grants for qualified insurers, and stringent regulations on the application and utilization of these grants. It sets minimum capital requirements for insurers, mandates legislative review of grants, and outlines conditions for maintaining net written premiums to earn the grants fully. The bill also establishes the Insure Louisiana Incentive Fund within the state treasury, detailing the management of funds and stipulating that any unearned grant funds must be returned if insurers do not meet program requirements. Additionally, it addresses penalties for non-compliance, including the requirement for insurers in default to repay unearned grants, and clarifies that the Louisiana Insurance Guaranty Association will not be responsible for these repayments in cases of insolvency.

Statutes affected:
SB412 Original:
SB412 Engrossed:
SB412 Reengrossed:
SB412 Enrolled:
SB412 Act 754: