This bill amends and reenacts several sections of the Louisiana Revised Statutes related to the Louisiana Citizens Property Insurance Corporation, specifically focusing on emergency assessments. It introduces a new definition for "excess emergency assessment monies," which refers to funds collected from emergency assessments that are no longer needed to satisfy debts or obligations. The bill also stipulates that these excess funds can be used for future debts or allocated to the Louisiana Fortify Homes Program, provided that all related bonds or debts have been settled.

Additionally, the bill outlines the corporation's responsibilities regarding the management and reporting of these excess funds. It mandates that the corporation cannot transfer or use these emergency assessment monies until all debts are paid in full. Once the requirements are met, the corporation must certify the amount of excess funds and direct their transfer to the Louisiana Fortify Homes Program Fund. The bill also includes provisions for the corporation to report on the transfer of these funds and any associated administrative costs, ensuring transparency and accountability in the use of the funds.

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