This bill amends and reenacts several sections of the Louisiana Revised Statutes concerning the Louisiana Citizens Property Insurance Corporation. Key changes include the introduction of an option for policyholders to exclude coverage for personal and movable property from their insurance policies. Specifically, policyholders can request, in writing, to exclude tangible personal property from covered insurable property, and if they choose to do so, insurers are permitted to calculate an actuarially justified reduction in premium.

The bill also clarifies definitions related to insurable property, emphasizing that it includes both real and tangible personal property at fixed locations in Louisiana, provided that such property is in an insurable condition and basic property insurance is not available in the voluntary market. The amendments aim to provide more flexibility for policyholders while ensuring that the Louisiana Citizens Property Insurance Corporation can continue to operate effectively within the state's insurance framework.

Statutes affected:
HB428 Original:
HB428 Engrossed:
HB428 Enrolled:
HB428 Act :