The bill amends existing Louisiana law regarding premium discounts on automobile insurance for military personnel. It mandates that motor vehicle insurers provide a 25% discount on premiums for active duty military, military reservists, Louisiana Air National Guard, and Louisiana Army National Guard personnel. Additionally, the bill expands eligibility for the discount to include retired military personnel and veterans with a disability rating of 50% or more. Insurers offering these discounts will receive a credit against premium taxes equal to the discount provided, with any excess credit refundable as overpaid taxes.

The legislation also requires insurers to submit documentation to the commissioner of insurance to verify the discounts provided. The commissioner is tasked with adopting rules and regulations to implement these provisions, including defining the categories of military personnel eligible for the discount. The bill is set to take effect on January 1, 2025.

Statutes affected:
SB337 Original: 22:1482(A)
SB337 Engrossed: 22:1482(A)
SB337 Enrolled: 22:1482(A)
SB337 Act : 22:1482(A)