House Bill No. by Representative Firment amends existing laws related to homeowners' insurance, specifically focusing on rate filings and claims settlement requirements. The bill allows the commissioner of insurance to approve rate filings before the expiration of the established notification periods, which is a change from the previous requirement that prohibited such approvals. Additionally, it clarifies the commissioner's authority to verify statistical data in rate filings by permitting the requirement of written documentation or the inspection of records at any office of the insurer or rating organization.

Furthermore, the bill retains the requirement for insurers to include general contractor's overhead and profit in payments for claims related to fire and extended coverage losses when the use of a general contractor is reasonably foreseeable. This requirement applies to both replacement cost and actual cash value policies, ensuring that homeowners receive adequate compensation for their claims. Overall, the bill aims to streamline the rate filing process and enhance the claims settlement practices in the homeowners' insurance market.

Statutes affected:
HB881 Original: 22:1451(E), 22:1464(A)(3), 22:1892(F)(1)