Provides relative to motor vehicle reports required to obtain an insurance premium quote
Impact
The legislative changes proposed by HB 752 aim to enhance the efficiency and transparency of the auto insurance quoting process in Louisiana. By clearly establishing the responsibilities of insurers and producers regarding the procurement and utilization of motor vehicle reports, the bill seeks to streamline underwriting processes. This could have positive implications for consumers by potentially lowering costs and making the quoting process clearer and fairer.
Summary
House Bill 752 amends existing legislation regarding automobile insurance premium quotes by establishing guidelines for the acceptance and use of motor vehicle reports. The bill mandates that insurance companies must accept current motor vehicle reports provided by licensed producers or insurance agencies when quoting and underwriting auto insurance. It also stipulates that any costs associated with obtaining these reports should not be passed on to producers, agencies, clients, or insured individuals unless the producer fails to provide a current report at the time of the quote request.
Sentiment
The sentiment surrounding HB 752 appears to be predominantly supportive among stakeholders in the insurance industry. Many industry players see it as a necessary step towards greater clarity and efficiency in the insurance market. Although no significant public opposition was noted in the discussions, the bill's reception among consumers may vary based on individual experiences with insurance processes.
Contention
While HB 752 does not seem to have major points of contention, the implications of transferring costs associated with motor vehicle reports could raise concerns among insurance producers and agencies. For example, should the bill lead to increased operational costs for producers in sourcing the necessary reports, some may argue it could affect their profit margins or lead to higher fees for consumers. However, the overall consensus remains geared towards promoting a well-regulated insurance environment.
Requires insurance premium finance companies to cooperate with the Department of Insurance when insurance premiums are paid by an insurance premium finance company. (8/1/15)
Establishes a flat rate of insurance premium tax and provides relative to certain insurance premium tax credits and exemptions (RR SEE FISC NOTE GF RV)