Senate Bill No. 297, introduced by Senator Duplessis, amends R.S. 22:1464(D) to establish a clearer process for insurers to assert trade secret protections regarding certain filing information while maintaining transparency in insurance rate filings. The bill stipulates that all rates and supplementary information filed with the commissioner of insurance will be publicly accessible, except for information deemed confidential, trade secret, or proprietary. Insurers claiming that their documents contain trade secrets must file a notice of request for nondisclosure, and failure to do so will result in a waiver of their claim. The bill also outlines specific criteria for what constitutes a trade secret and mandates that a sworn affidavit be included with the submission to support the claim.

Additionally, the bill 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. The commissioner is required to conduct independent reviews of trade secret claims every two years and report findings to legislative leaders. Penalties are established for individuals who knowingly assert false claims of trade secret protection to hide unlawful financial practices, with fines up to $25,000 and potential suspension or revocation of insurance licenses. The provisions of this bill will take effect on August 1, 2026.

Statutes affected:
SB297 Original: 22:1464(D)