The bill amends and reenacts several sections of Louisiana's insurance laws, specifically R.S. 22:1892(H), 1892.2(F), and 2303(D)(1), while also enacting R.S. 22:2303(D)(6). Key changes include the introduction of a "good faith duty" and the stipulation that the Louisiana Insurance Guaranty Association and the Louisiana Citizens Property Insurance Corporation are not liable for certain damages, including special damages or penalties, and that the Citizens Property Insurance Corporation's liability for general damages is limited to the policy's limit. Additionally, the bill establishes that the corporation will not charge premiums exceeding the higher of actuarially justified rates or the highest rates charged by assessable insurers in the respective parish.

Furthermore, the bill addresses the ongoing crisis in Louisiana's residential property insurance market, providing temporary rate relief until December 31, 2027. It mandates that the commissioner report annually on the percentage of residential property insurance business in each parish, with provisions for legislative termination if the corporation's market share falls below twenty percent. The effective date for the amended provisions is set for January 1, 2025, while other provisions will take effect on July 1, 2024.

Statutes affected:
SB113 Original: 22:1973(F)
SB113 Engrossed: 22:1973(F)
SB113 Reengrossed: 22:1892(H), 22:2(F), 22:2303(A)(1)
SB113 Enrolled: 22:1892(H), 22:2(F), 22:2303(D)(1)
SB113 Act 757: 22:1892(H), 22:2(F), 22:2303(D)(1)