This bill amends several sections of Louisiana's insurance regulations, specifically focusing on the powers and duties of the commissioner of insurance regarding rate filings and methods. Key changes include the requirement for insurers to disclose prior premium amounts alongside renewal policies for homeowners' and private passenger motor vehicle insurance. Additionally, the bill modifies the definition of "excessive" rates, clarifying that a rate is considered excessive if it is likely to produce an unreasonably high profit or expense provision in relation to the services rendered. The bill also mandates that all rate filings and supporting information be open to public inspection, with the commissioner determining if any information is confidential, trade secret, or proprietary.

Furthermore, the bill repeals certain existing provisions related to competitive and noncompetitive markets, streamlining the criteria under which rates can be disapproved by the commissioner. The commissioner is now empowered to disapprove rates that are excessive, inadequate, or unfairly discriminatory, and may require insurers to collect additional premiums or issue refunds if rates are found to be discriminatory or excessive. Overall, the bill aims to enhance transparency in the insurance market while ensuring that rates remain fair and justifiable.

Statutes affected:
HB148 Original:
HB148 Engrossed:
HB148 Reengrossed: 22:1452(C), 22:1454(A), 22:1465(A)(1), 22:1451(D), 22:1452(C)(4)
HB148 Enrolled: 22:1452(C), 22:1454(A), 22:1464(D), 22:1465(A)(1), 22:1451(D), 22:1452(C)(4)
HB148 Act : 22:1452(C), 22:1454(A), 22:1464(D), 22:1465(A)(1), 22:1451(D), 22:1452(C)(4)