Leopold (HB 909) Act No. 427
New law requires that insurance companies writing homeowner's policies annually submit
to the commissioner of insurance 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.
New 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.
New 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.
New 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.
New law provides a penalty of $10,000.00 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.
New law provides that the commissioner may issue rules and regulations to implement the
new law.
Existing law provides exceptions and exemptions from the Public Records Law.
New law provides that the data provided by each insurer is confidential and exempt from the
Public Records Law.
New law provides a sunset date of May 1, 2017.
Effective Aug. 1, 2014.
(Amends R.S. 44:4.1(B)(11); Adds R.S. 22:1488)