House Bill No. by Representative Carver amends existing property and casualty insurance rate-making laws in Louisiana. The bill specifically prohibits insurers from including a rating factor in automobile insurance rate filings that is based solely on loss experience from catastrophes or natural disasters that only affected other lines of insurance. However, this prohibition does not apply to multi-line policies, allowing insurers some flexibility in their rate calculations. Additionally, the bill retains the provision that allows for the consideration of other relevant actuarial factors during the rate filing process.

The amendments include the re-enactment of R.S. 22:1454(B)(5) and the enactment of R.S. 22:1454(B)(6), which introduces the new stipulations regarding rating factors. The bill is set to take effect on January 1, 2027, ensuring that insurers have time to adjust their practices in accordance with the new regulations. Overall, the legislation aims to create a fairer and more transparent environment for automobile insurance rate-making in Louisiana.

Statutes affected:
HB413 Original: 22:1454(B)(5)