Senate Bill No. 62, introduced by Senator Luneau, amends existing Louisiana insurance law to enhance the regulation of insurance premium rates. The bill expands the definition of "excessive" rates to include those in competitive markets, which were previously exempt from being classified as excessive. It establishes that all insurance premium rates, regardless of market conditions, must not be excessive, inadequate, or unfairly discriminatory. The bill also modifies the authority of the insurance commissioner, requiring them to disapprove rates that are deemed excessive, inadequate, or unfairly discriminatory in both competitive and noncompetitive markets.

Additionally, the bill allows the commissioner to mandate refunds for any excessive rates identified, thereby providing further consumer protection. The changes aim to ensure fair pricing practices in the insurance industry and enhance the accountability of insurers. The new provisions will take effect on August 1, 2025.

Statutes affected:
SB62 Original: 22:1452(C)(6), 22:1454(A), 22:1465(A)(1)