The bill amends and reenacts several sections of Louisiana's insurance law, specifically R.S. 22:1508, 1509, and 1510, to enhance consumer protections regarding the use of credit information in personal insurance underwriting and rating. Key provisions include a requirement for insurers to disclose to consumers that credit information may be obtained during the application process, as well as a new obligation to inform consumers on how to obtain a copy of the credit information used. Additionally, if an insurer takes an adverse action based on credit information, they must provide clear notifications to the consumer, including specific reasons for the action and a description of the primary factors influencing the decision.

Furthermore, the bill mandates that insurers file their scoring models with the Department of Insurance, which will be reviewed by the commissioner to ensure compliance with the law. The language also clarifies that any filings related to credit information are considered trade secrets under the Uniform Trade Secrets Act. The bill is set to take effect on July 1, 2026.

Statutes affected:
SB61 Original:
SB61 Engrossed:
SB61 Enrolled:
SB61 Act :