House Bill No. [insert bill number] proposes amendments to the Louisiana Citizens Property Insurance Corporation's (LCPIC) regulations regarding emergency assessments. The bill introduces the definition of "excess emergency assessment monies," which refers to funds collected from emergency assessments that are no longer needed to satisfy bonds or other debts. It allows the LCPIC to retain these excess funds for future debts or to support the Louisiana Fortify Homes Program, provided that all related bonds or debts have been fully paid or are no longer outstanding. Additionally, the bill specifies that the corporation cannot transfer or dispose of emergency assessment monies until all obligations are settled.

The bill also mandates that the governing board of the LCPIC must certify the satisfaction of these requirements and report on the amount of excess emergency assessment monies within 90 days. Following this certification, the excess funds can be transferred to the Louisiana Fortify Homes Program Fund, exclusively for its intended purposes. Furthermore, the corporation is permitted to use a reasonable amount of these excess funds to cover costs associated with determining and transferring the excess assessment monies. The LCPIC is required to report to the House and Senate committees on insurance and post relevant information on its public website, ensuring transparency in the handling of these funds.

Statutes affected:
HB1187 Original: 22:2297(D)(2), 22:2307(G)