House Bill No. by Representative Jordan seeks to amend existing insurance rating standards in Louisiana by prohibiting the use of certain factors in insurance underwriting. Specifically, the bill amends R.S. 22:1454(A) to retain the prohibition against inadequate or unfairly discriminatory rates in both competitive and noncompetitive markets, while adding that risks cannot be classified based on an insured's education level or credit information. This change aims to ensure fairer treatment of individuals in the insurance market.

Additionally, the bill repeals Subpart P of Part IV of Chapter 4 of Title 22, which includes R.S. 22:1501 through 1514, effectively eliminating existing regulations regarding the use of credit information in personal insurance. By removing these provisions, the bill seeks to simplify the regulatory framework surrounding insurance rating standards and enhance consumer protections against discriminatory practices based on education and credit history.

Statutes affected:
HB574 Original: 22:1454(A)