RÉSUMÉ DIGEST
ACT 331 (HB 317) 2022 Regular Session Willard
Existing law provides that for all homeowners' insurance policies or other policies insuring
a one- or two-family owner occupied premises for fire and allied lines, issued or renewed by
authorized insurers on or after Jan. 1, 2010, any separate deductible that applies in place of
any other deductible to loss or damage resulting from a named storm or hurricane shall be
applied on an annual basis to all named-storm or hurricane losses that are subject to the
separate deductible during a calendar year.
Existing law permits an insurer to apply a deductible to succeeding named storms or
hurricanes that is equal to the remaining amount of the separate deductible or the amount of
the deductible that applies to all perils other than a named storm or hurricane, whichever
is greater, if an insured incurs named storm or hurricane losses from more than one named
storm or hurricane during a calendar year that are subject to the separate deductibles referred
to in existing law.
New law retains existing law.
New law requires the commissioner of insurance to prescribe a separate form regarding
named storm, hurricane, and wind and hail deductibles proposed in a homeowner's insurance
policy that lists the specific amount for each deductible expressed as a percentage of the
insured value of the property, as a specific dollar amount, or as both.
New law provides that for new policies with an effective date after Jan. 1, 2023, an insurer
shall provide the form and request that it be signed by the named insured or his legal
representative.
New law provides that the completion of a new form shall not be required if a renewal,
reinstatement, substitute, or amended policy is issued to the same named insured by the same
insurer or any of its affiliates.
New law requires insurers to provide a new form and request that it be signed by the named
insured or his legal representative, if the insurer changes the percentage or specific dollar
amount of a deductible.
New law provides that if the policy uses a percentage deductible, a new form will not be
required if the dollar amount of the deductible changes, because of an increase in policy
limits; however a new form is required if the percentage changes.
New law provides that a new form is for informational purposes only.
New law requires an insurer to transmit the form to the insured electronically and provide
a method whereby the insured may sign the form electronically, if the policy is purchased
using electronic means or the insured elects to receive documents electronically.
New law provides that nothing in new law shall be interpreted to create a cause of action not
otherwise provided by law.
Effective January 1, 2023.
(Adds R.S. 22:1337(D))