House Bill No. 1187, introduced by Representative Sawyer, amends and reenacts several provisions of the Louisiana Revised Statutes concerning the Louisiana Citizens Property Insurance Corporation (LCPIC). The bill introduces the term "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 these excess funds to be retained for future debts or allocated for specific purposes, including funding the Louisiana Fortify Homes Program. The bill also stipulates that the corporation cannot transfer or dispose of emergency assessment monies until all related debts have been fully paid or otherwise resolved.

Additionally, the bill mandates that the governing board of the LCPIC must certify the satisfaction of debt obligations and the amount of excess emergency assessment monies within 90 days. Following this certification, the corporation is required to transfer these excess funds to the state treasury for the Louisiana Fortify Homes Program. The bill also allows for reasonable expenditures from these excess funds to cover costs associated with determining and transferring the excess assessment monies. Furthermore, the corporation must report to the House and Senate insurance committees and post relevant information on its public website regarding the transfer of these funds. The bill is set to take effect upon the governor's signature or after the designated period for gubernatorial action.

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