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 clarifies that if a third-party claimant is deprived of their vehicle due to the insurer's inaction, the insurer must cover reasonable transportation expenses incurred during that time. It also establishes penalties for insurers that fail to comply with these requirements.

Furthermore, the bill outlines the conditions under which insurers can require proof of loss statements from claimants, detailing the timeline for providing these forms and the obligations of insurers to notify claimants about the completeness of their submissions. The new provisions aim to enhance transparency and accountability in the claims process, ensuring that claimants are adequately informed and compensated for their losses. The bill also includes a model proof of loss statement form to standardize the claims process.

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)