ACT 735 (HB 558) 2022 Regular Session Willard
Existing law provides for certain standards in claims settlement practices and provides
penalties for violation of those standards.
New law retains existing law.
New law requires an insurer to provide a statement indicating the dollar amount of insurance
proceeds paid under each type of coverage, if the insurer issues a check, draft, or other
negotiable instrument that is jointly payable to an insured and a mortgagee or mortgage
servicer as payment of insurance settlement proceeds for multiple types of coverage.
New law provides that in lieu of a statement, an insurer may issue separate checks, drafts,
or other negotiable instruments for payment of each type of coverage.
Effective August 1, 2022.
(Adds R.S. 22:1892(A)(6))

Statutes affected:
HB558 Original: 22:1973(B)(5)