House Bill No. by Representative Green aims to enhance transparency in the insurance rate filing process by amending R.S. 22:1464(D). The bill establishes clear criteria for determining whether certain information qualifies as a trade secret and outlines the procedures for trade secret protection. Insurers claiming that their submitted documents contain trade secrets must file a notice of request for nondisclosure with the commissioner of insurance, and failure to do so will waive their claim. The bill also specifies that certain types of information, such as financial data and transactions between insurers and affiliates, will not be considered trade secrets and will be subject to public disclosure.

Additionally, the bill mandates that the commissioner review all trade secret claims and issue a written notice of denial if the information does not meet the established criteria. It requires the commissioner to contract with an independent third-party entity every two years to conduct a review of trade secret claims and report findings. Furthermore, the bill imposes fines for individuals who knowingly assert false claims of trade secret protection to conceal unlawful financial practices, with penalties reaching up to $25,000 per violation. Overall, the proposed legislation seeks to balance the need for confidentiality in certain business practices with the public's right to access information related to insurance rates.

Statutes affected:
HB736 Original: 22:1464(D)