House Bill No. [insert number] amends and reenacts several provisions of Louisiana's property and casualty insurance laws, specifically R.S. 22:1892. Key changes include the stipulation that insurers issuing property insurance policies with replacement cost coverage may withhold payment for recoverable depreciation or replacement cost until they receive proof of deductible payment from the policyholder. This proof can include various forms of documentation such as canceled checks or credit card statements. Additionally, the bill introduces a new subsection (A)(8) clarifying that these provisions do not apply to surety bonds.

The bill also modifies the obligations of insurers regarding claims for personal vehicle damage and rental vehicle coverage. It establishes that if a third-party claimant is deprived of their vehicle for more than five business days due to the insurer's inaction, the insurer must cover reasonable expenses for alternative transportation. Furthermore, if an insurer fails to provide rental vehicle coverage to a first-party insured within three business days of a request, they may face penalties. The bill also introduces a new section, R.S. 22:1892.3, which allows insurers to require proof of loss statements as a prerequisite for claim payments, detailing the process and requirements for such statements.

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