Louisiana Senate Bill SB212

Louisiana 2019 Regular Session

• Introduced: 3/27/19
• Refer: 3/27/19
• Refer: 4/8/19
• Report Pass: 4/24/19
• Engrossed: 4/29/19
• Refer: 4/30/19
• Refer: 5/21/19
• Enrolled: 6/4/19
• Chaptered: 6/11/19
• Passed: 6/11/19

Caption

Requires insurers to report certain commercial vehicle information. (See Act) (EN +$68,200 SG EX See Note)

Impact

The bill aims to enhance transparency in the commercial automobile insurance sector and provide valuable insights into the performance of insurance providers. By making such data public, the legislation seeks to empower consumers and regulators with more information regarding the insurance market and claims experience. Additionally, it establishes a framework for penalties against non-compliant insurers, thereby encouraging adherence to the new reporting standards.

Summary

Senate Bill 212 introduces mandatory reporting requirements for automobile insurers in Louisiana concerning commercial motor vehicle policies. Under this bill, insurance companies are required to submit annual reports detailing direct paid losses, the number of policies written, and direct premiums for commercial motor vehicles. This data will be aggregated by the commissioner of insurance and made publicly accessible, allowing stakeholders to analyze trends in commercial vehicle insurance across different parishes and ZIP codes.

Sentiment

Overall, the sentiment surrounding SB 212 appears to be largely supportive, particularly among policymakers who advocate for increased visibility in the insurance marketplace. By fostering an environment of accountability, the bill is viewed as a step toward improving consumer protection and potential market oversight. Nevertheless, there may be concerns from insurance companies regarding the administrative burden imposed by the reporting requirements and the potential implications for business operations.

Contention

While SB 212 has garnered broad approval, notable points of contention may arise related to the confidentiality of submitted data and the potential penalties for non-compliance. Critics could argue that the burden of compliance may disproportionately affect smaller insurance companies, raising questions about fairness in policy implementation. Additionally, defining which information is considered confidential might lead to further legal or regulatory challenges, particularly with respect to how publicly reported data might be interpreted or utilized.