The bill, introduced by Senator Allain, aims to amend and reenact several provisions of Louisiana's insurance rate regulation laws. Key changes include the removal of the distinction between competitive and noncompetitive insurance markets, which previously influenced how rates were evaluated. The bill allows the commissioner of insurance to disapprove any rate deemed excessive, inadequate, or unfairly discriminatory, regardless of market classification. Additionally, the bill mandates that the commissioner continuously monitor the competition in the insurance market, rather than regularly, as previously required.

The bill also introduces new definitions, such as "unreasonably high," which refers to rates that do not comply with the Actuarial Standards of Practice. It repeals certain existing provisions, including those that previously stated no rate in a competitive market could be considered excessive. The proposed changes aim to enhance the regulatory framework governing insurance rates, ensuring that rates remain fair and justifiable for consumers.

Statutes affected:
SB247 Original: 22:1354(1), 22:1452(C)(6), 22:1454(A), 22:1465(A)(1), 22:1451(D), 22:1452(C)(4)
SB247 Engrossed: 22:1354(1), 22:1452(C)(6), 22:1454(A), 22:1465(A)(1), 22:1451(D), 22:1452(C)(4)