House Bill No. by Representative Firment amends R.S. 22:868(B) to clarify the prescriptive periods for certain insurer contractual payments. The bill stipulates that no insurance contract issued in Louisiana can limit the right of action against the insurer to less than 24 months after the loss for first-party claims, or to less than one year for other types of insurance, unless specified otherwise.

Additionally, the bill introduces new language stating that an insurer's payment under the terms of its contract will not be regarded as an acknowledgment of a debt, nor will it extend the contractually defined prescriptive period that begins at the inception of the loss. This change aims to provide clearer guidelines regarding the implications of insurer payments and the associated timelines for claims. The bill will take effect upon the governor's signature or after the designated time for gubernatorial action.

Statutes affected:
HB1117 Original: 22:868(B)