House Bill No. [insert number] aims to amend and reenact certain provisions of Louisiana's insurance laws, specifically regarding surplus lines insurance. The bill introduces new legal language that exempts arbitration agreements with surplus lines insurers from existing public contract regulations, which typically invalidate contracts involving arbitration in foreign jurisdictions. Additionally, it clarifies that surplus lines insurers are not subject to certain provisions of the Louisiana Insurance Code, including rate and form approval by the Department of Insurance. The bill also increases the minimum font size for required notices on surplus lines insurance policies from ten-point to fourteen-point font.

Furthermore, the bill reaffirms the legislative intent that surplus lines insurers can include arbitration clauses in their policies without restriction from existing laws. The provisions related to the notice requirements and exemptions for surplus lines insurers will become effective on August 1, 2025, and will apply to policies issued or renewed on or after January 1, 2026. Other provisions of the bill will take effect upon the governor's signature or after the lapse of time for gubernatorial action.

Statutes affected:
HB561 Original: 22:433(A), 22:868(D)