House Bill No. 903, introduced by Representative Illg, amends various sections of the Louisiana Revised Statutes related to fines imposed by the commissioner of insurance. The bill increases the maximum aggregate fines for violations from $100,000 to $1,000,000 for insurers, persons, health insurance issuers, applicants, or licensees within a calendar year. Additionally, it raises the maximum aggregate fines for specific violations, such as those imposed on lessors, insurance producers, claims adjusters, and insurance consultants, from $10,000 to $100,000 in a calendar year. The bill retains the existing provisions that allow the commissioner to levy fines not exceeding $1,000 for each violation.

The proposed changes aim to enhance the enforcement capabilities of the commissioner by allowing for higher penalties for repeated violations, thereby promoting compliance within the insurance industry. The bill also includes technical amendments to clarify the language and structure of the existing law. It is set to take effect upon the governor's signature or after the expiration of the time for bills to become law without signature.

Statutes affected:
HB903 Original: 22:18(A), 22:257(B), 22:3(D)(2), 22:1529(B), 22:1554(A), 22:1672(A), 22:8(A)
HB903 Engrossed: 22:18(A), 22:257(B), 22:3(D)(2), 22:1529(B), 22:1554(A), 22:1672(A), 22:8(A)