House Bill No. [insert number] proposes the creation of the Paid Family Leave Insurance Act, which establishes a new line of insurance for paid family leave in Louisiana. This legislation allows insurers licensed to provide life or disability income insurance to issue policies that cover wage replacement for employees taking leave for specific family-related reasons, such as caring for a seriously ill family member, bonding with a newborn, or addressing exigencies related to a family member's military service. The bill outlines definitions for key terms, eligibility criteria, and the structure of benefits, including a minimum leave duration of two weeks within a 52-week period.

The bill also mandates that insurance policies detail the length of benefits, payment structures, and any limitations or exclusions that may apply. It specifies that premiums for these policies must comply with federal Social Security Act guidelines. The act will take effect upon the governor's signature or after the designated period for gubernatorial action if not signed. Overall, this legislation aims to provide a framework for paid family leave insurance, enhancing support for employees during critical family situations.