Senate Bill No. 199, introduced by Senator Myers, aims to enhance the authority of the Louisiana Department of Insurance in addressing insurance fraud. The bill amends existing statutes R.S. 22:1961, 1963, and 1968(A) and (B), while also enacting new provisions under R.S. 22:1962(G) and 1968(C). Key changes include a redefinition of the "business of insurance" to encompass actions related to the sale, advertisement, or solicitation of insurance contracts, as well as the resolution of claims. The bill also clarifies that any act affecting the business of insurance that is deemed an unfair method of competition or deceptive practice is prohibited.

Furthermore, the bill empowers the commissioner of insurance to take action against individuals not licensed by the Department of Insurance who are found to be engaging in unfair trade practices related to insurance. This action can be taken without the procedural requirements that would apply to licensed individuals. However, the bill ensures that individuals aggrieved by the commissioner's decisions still have the right to seek other legal remedies. The proposed law will take effect upon the governor's signature or after the designated time for gubernatorial action.

Statutes affected:
SB199 Original: 22:1968(A)