SLS 24RS-477 ORIGINAL
2024 Regular Session
SENATE BILL NO. 376
BY SENATOR MORRIS
INSURANCE POLICIES. Provides for notice of a premium rate increase. (8/1/24)
1 AN ACT
2 To amend and reenact R.S. 22:1484(A)(1), relative to property, casualty, and liability
3 insurance; to provide an insured or property owner six weeks notice of a premium
4 rate increase; and to provide for related matters.
5 Be it enacted by the Legislature of Louisiana:
6 Section 1. R.S. 22:1484(A)(1) is hereby enacted to read as follows:
7 ยง1484. Property, casualty, and liability insurance; premium increase by insurer
8 without or with material change in circumstances of insured; notice
9 of premium increase
10 A.(1) No insurer shall be entitled to an additional premium for a commercial
11 property, casualty, or liability insurance policy which has been in effect for more
12 than ninety days or for a noncommercial property, casualty, or liability insurance
13 policy which has been in effect for more than sixty days when there has been no
14 material change in the circumstances of the insured or property owner from those
15 stated by the insured or property owner in his application for the policy. For an
16 insurance company to be entitled to any additional premium, the insured or property
17 owner must shall receive a billing notice at least six weeks prior to the effective
Page 1 of 2
Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions. SB NO. 376
SLS 24RS-477 ORIGINAL
1 date for the rate increase and either an explanation of any premium increase at
2 least six weeks prior to the effective date for the rate increase or a statement at
3 least six weeks prior to the effective date for the rate increase that asks the
4 insured or property owner to contact either the insurance company or its producer
5 if the insured or property owner has any questions about the billing notice or the
6 premium increase, within the first sixty days of the effective date of the policy. If the
7 company or agent fails to bill the insured within the first sixty days of the effective
8 date of the policy, the insured shall not be responsible for payment of such the
9 additional premium, shall not be penalized for nonpayment of that additional
10 premium, and his policy shall not be cancelled for failure to pay such the additional
11 premium.
12 * * *
The original instrument and the following digest, which constitutes no part
of the legislative instrument, were prepared by Beth O'Quin.
DIGEST
SB 376 Original 2024 Regular Session Morris
Present law provides an insurer shall not be entitled to additional premiums for commercial
and noncommercial property, casualty, and liability policies, unless certain notice
requirements have been met.
Proposed law retains present law and adds a requirement that the notices be sent to the
insured or a property owner at least six weeks prior to the effective date of the premium rate
increase.
Effective August 1, 2024.
(Amends R.S. 22:1484(A)(1))
Page 2 of 2
Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.