House Bill No. by Representative Jordan introduces the Louisiana Commercial Trucking Insurance Market Reform Act, designed to improve the commercial trucking insurance market in Louisiana. The bill establishes a framework for captive insurers, mandating their contribution of 3% of retained premiums for Louisiana risks to the newly created Louisiana Commercial Trucking Market Access Fund. This fund aims to assist small and independent trucking companies, particularly those that are minority-owned or disadvantaged, in accessing affordable insurance. The legislation also sets minimum reserve and surplus requirements for captive insurers to ensure they have sufficient financial resources to cover potential claims, while promoting transparency in insurance coverage related to commercial trucking accident claims.

The Act includes provisions for a small carrier group purchasing pool to facilitate collective insurance purchasing among small carriers and imposes penalties for non-compliance, such as late payment penalties and potential suspension of operating authority for insurers that fail to adhere to the new regulations. It allows claimants to bring direct actions against captive insurers to enforce judgments against commercial trucking companies, ensuring easier access to available coverage. Additionally, the Act requires timely disclosure of essential coverage information by commercial trucking companies and insurers, mandates annual reporting and actuarial opinions for reserve adequacy, and outlines a civil penalty schedule for various violations. Overall, the legislation aims to enhance transparency, access to insurance, and compliance within Louisiana's commercial trucking sector.