HASBSB295 OQUINE 2592
SENATE SUMMARY OF HOUSE AMENDMENTS
SB 295 2024 Regular Session Cloud
KEYWORD AND SUMMARY AS RETURNED TO THE SENATE
INSURANCE RATES. Provides for rate filing procedures and requirements for rate
making. (gov sig)
SUMMARY OF HOUSE AMENDMENTS TO THE SENATE BILL
1. Makes technical changes.
DIGEST OF THE SENATE BILL AS RETURNED TO THE SENATE
SB 295 Reengrossed 2024 Regular Session Cloud
Present law provides rate filing requirements for all lines of property and casualty policies.
Proposed law changes the rate filing requirement for certain property, casualty, and liability
policies by requiring every insurer writing certain property, casualty, and liability policies
to file with the commissioner of insurance all rates, supplementary rate information, and all
supporting information for risks to be written by the insurer in this state. The rates and
information submitted is deemed approved unless the commissioner notifies the insurer
within 30 days from the Dept. of Insurance receiving the rate filing.
Present law authorizes the Dept. of Insurance to determine whether the information provided
in the rate filing is insufficient to determine if the rate filing meets the requirements provided
by present law. Present law provides that waiting periods commence from the date the
insurer or rating organization provides the department with sufficient information for
determining whether the rate filing is compliant with present law.
Proposed law retains present law but removes the term "waiting" from present law. Proposed
law provides rates are ineffective upon written notification from the commissioner. Proposed
law provides when rates are ineffective, the previous rate applies.
Proposed law provides if a rate filing is determined to be inadequate or unfairly
discriminatory, the commissioner may direct the insurer to collect additional premium to
ensure that the rate is adequate or require the insurer to provide the insured a refund of any
sums deemed to be discriminatory.
Proposed law provides proposed law is not to be interpreted as to create a private cause of
action.
Effective upon signature of governor or lapse of time for gubernatorial action.
(Amends R.S. 22:1451, 1464(A)(2) and (D), and 1465(A)(2) and (B)(1); Adds R.S.
22:1465(A)(4) and (D))
______________________
Beth O'Quin
Staff Attorney