House Bill No. 1 appropriates $45 million for the Insure Louisiana Incentive Program for the Fiscal Year 2022-2023, specifically for the Department of Insurance. The funds are designated for awarding grants to insurers licensed in Louisiana that meet certain financial strength criteria, including a minimum AM Best rating of "B+" or a Demotech rating of "A." Additionally, surplus lines insurers must have an AM Best rating of "A" to qualify for grants. The bill mandates that the commissioner of insurance expedite regulatory approvals for qualified insurers and monitor their financial solvency, including evaluating their reinsurance programs.

The bill also requires the commissioner to submit detailed annual and quarterly reports on the program's grantees, including information on premiums written and the removal of premiums from the Louisiana Citizens Property Insurance Corporation. Furthermore, the commissioner is authorized to adopt emergency rules to implement the program and must establish reporting requirements for grantees regarding their financial ratios and catastrophe reinsurance programs. Preference in grant awards will be given to applicants that provide wind and hail coverage. The state treasurer is directed to transfer the appropriated funds from the state general fund to the Insure Louisiana Incentive Fund.