This bill amends and reenacts several provisions of Louisiana's property and casualty insurance laws, specifically R.S. 22:1892, and introduces new sections R.S. 22:1892(A)(8) and 1892.3. Key changes include stipulations that insurers issuing property insurance policies with replacement cost coverage may withhold payment for recoverable depreciation until they receive proof of deductible payment from the policyholder. Additionally, the bill outlines the responsibilities of insurers regarding claims for personal vehicle damage, including the obligation to cover reasonable expenses for alternative transportation if a third-party claimant is deprived of their vehicle for more than five business days due to the insurer's inaction. It also establishes penalties for insurers who fail to comply with these requirements.

Furthermore, the bill introduces a new requirement for insurers to provide a proof of loss statement as a prerequisite for claim payments, detailing the necessary form and process for submission. Insurers must notify claimants within ten business days whether their proof of loss statement is complete and maintain the form on their website for easy access. The bill aims to enhance transparency and accountability in the claims process, ensuring that both first-party insureds and third-party claimants are treated fairly and receive timely payments for their claims.

Statutes affected:
HB437 Original: 22:1892(A)(7)
HB437 Engrossed: 22:1892(A)(7)
HB437 Enrolled: 22:1892(A)(7)
HB437 Act 500: 22:1892(A)(7)