This bill enacts new provisions in Louisiana law to enhance funding for the Louisiana Fortify Homes Program Fund. Specifically, it establishes that the first five million dollars collected from a tax on surplus lines and unauthorized insurance will be credited to this fund each fiscal year. Additionally, it mandates that certain fees collected by the Department of Insurance, including those from financial regulation and licensing, will also contribute to the Fortify Homes Program Fund. The bill outlines the powers and duties of the commissioner of the Department of Insurance, allowing for cooperative agreements to facilitate the collection of policy information and tax computation.
Furthermore, the bill grants the commissioner the authority to adopt rules and regulations for the administration and enforcement of these provisions, including the assessment of transaction fees related to a clearinghouse. The effective date for this legislation is set for July 1, 2026. Overall, the bill aims to bolster the financial resources available for the Fortify Homes Program, which is designed to improve the resilience of homes against natural disasters.