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Prepared by Cheryl Horne.
Leopold HB No. 909
(KEYWORD, SUMMARY, AND DIGEST as amended by Senate committee
amendments)
INSURANCE: Provides for the Property Insurance Clarity Act
DIGEST
Abstract: Requires homeowner's insurers to provide data on direct incurred losses, number
of policies in force, and direct earned premiums to the commissioner of insurance to
aggregate and publish on the Dept. of Insurance website.
Proposed law requires that insurance companies writing homeowner's policies annually
submit to the commissioner data on their total direct incurred losses, number of policies in
force, and direct earned premiums by zip code and parish for the prior calendar year,
commencing on or before May 1, 2015. Further requires that the same data be submitted
dating back to the calendar year 2004.
Proposed law requires the commissioner, by June first annually, to aggregate the data and
publish aggregated yearly totals by zip code and parish on the Dept. of Insurance website.
Proposed law also requires the commissioner to publish on the department's website a
general description of the ratemaking methodology insurance companies are allowed to use
in establishing homeowner's insurance rates.
Proposed law provides that the commissioner may issue exemptions from the reporting
requirements to companies that do not store the requested information, or if meeting the
requirements would impose an undue burden.
Proposed law provides a penalty of $10,000 per month for any company that fails to timely
comply with the reporting requirements, and further provides that the reports submitted must
be notarized and executed by an executive of the company attesting to the validity of the data
reported.
Proposed law provides that the commissioner may issue rules and regulations to implement
proposed law.
Proposed law provisions become void on May 1, 2017.
Proposed law provides that the data provided by each insurer is confidential and exempt from
the Public Records Law.
(Amends R.S. 44:4.1(B)(11); Adds R.S. 22:1488)
Summary of Amendments Adopted by House
Committee Amendments Proposed by House Committee on Insurance to the original
bill.
1. Makes technical changes.
Committee Amendments Proposed by House Committee on House and Governmental
Affairs to the engrossed bill.
1. Changes the initial deadline for insurance companies to submit the information
to the commissioner from Feb. 1, 2015, to May 1, 2015. Page 2 of 2
Prepared by Cheryl Horne.
2. Changes the deadline for the commissioner to annually compile and publish the
aggregated data on the Dept.'s website from March first to June first.
3. Makes technical changes.
House Floor Amendments to the reengrossed bill.
1. Makes technical changes.
Summary of Amendments Adopted by Senate
Committee Amendments Proposed by Senate Committee on Insurance to the re-
reengrossed bill.
1. Sunsets proposed law on May 1, 2017.