SSHB612 4282 5492
HOUSE SUMMARY OF SENATE AMENDMENTS
HB 612 2022 Regular Session Huval
INSURANCE DEPARTMENT: Provides for the Louisiana Fortify Homes Program
Synopsis of Senate Amendments
1.Changes the amount the state treasurer is required to deposit into the fund from
a maximum of $10,000,000 to a maximum of $5,000,000.
2.Changes the effective date from Jan. 1, 2023 to Jan. 1, 2024.
Digest of Bill as Finally Passed by Senate
Proposed law authorizes the commissioner of insurance to make financial grants to retrofit
roofs of insurable property with a homestead exemption to help the property resist loss and
meet or exceed the "fortified roof" standard of the Insurance Institute for Business and Home
Safety.
Proposed law provides that the commissioner shall promulgate rules governing eligibility
requirements for grants and the administration of the program.
Proposed law provides that in order to receive a grant pursuant to proposed law, the grantee
shall obtain all permits required by law or ordinance for construction, arrange and pay for
inspections required by law or ordinance and the terms of the grant, which shall include
inspection and certification by an Insurance Institute for Business and Home Safety certified
inspector, comply with applicable building codes, and maintain records as required by
present law and the terms of the grant.
Proposed law provides that the name of a recipient of a grant received pursuant to proposed
law, the amount of the grant, and the municipal address of the retrofitted insurable property
shall be a public record.
Proposed law creates the La. Fortify Homes Fund as a special fund within the state treasury
and requires the annual deposit into the fund of all self-generated revenues of the La. Dept.
of Insurance that are collected above a baseline, subject to an annual maximum deposit of
$5,000,000. Further provides that the baseline shall be the annual fees and self-generated
revenue budget authority of the La. Dept. of Insurance plus an amount equal to $1,500,000.
Proposed law requires monies in the fund to be invested in the same manner as monies in the
state general fund. Provides that unexpended and unencumbered monies in the fund at the
end of the fiscal year shall remain in the fund. Requires monies in the fund to be used by the
La. Dept. of Insurance for the program.
Proposed law provides that proposed law does not create an entitlement for property owners
to receive funding to inspect or retrofit residential property or create an obligation for the
state to appropriate funding to inspect or retrofit residential property.
Proposed law terminates and has no effect beginning at midnight on June 30, 2025.
Effective Jan. 1, 2024.
(Adds R.S. 22:1483.1)
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