Provides for fees and assessments collected by the Department of Insurance
Impact
The passage of HB 410 alters various provisions in Louisiana's Revised Statutes, particularly R.S. 22:821 and R.S. 22:1476, by updating the fees for producer licenses and repealing outdated statutes. This change is expected to facilitate a more organized approach to fee collection, allowing the Department of Insurance to better manage resources while adhering to current market conditions. The bill introduces specific fees for different categories of licenses and appointments, which aims to provide clearer expectations for insurance producers and companies operating in Louisiana.
Summary
House Bill 410 aims to amend existing laws concerning fees and assessments collected by the Department of Insurance in Louisiana. This bill specifically revises the annual assessment structure imposed on property and casualty insurers and modifies the fees associated with producer licenses. The legislation intends to streamline the fee structure and ensure that it adequately reflects the state's insurance environment, thereby enhancing administrative efficiency and compliance within the insurance sector.
Sentiment
The sentiment towards HB 410 appears to be largely positive among the legislative members who supported the bill. Proponents argue that the bill effectively modernizes the fee structure and addresses the needs of contemporary insurance practices, suggesting that these changes would ultimately lead to a more efficient regulatory framework. The discussion in committee meetings indicates a consensus that simplifying and updating insurance fees benefits both the regulatory body and those it governs.
Contention
While there doesn't seem to be significant public contention around HB 410, the repeal of existing statutes might raise questions about implications for some stakeholders who are accustomed to previous regulations. Nevertheless, the legislative vote reflected strong support, with a unanimous approval of 35-0 in the Senate, indicating a lack of substantial opposition at the time of voting, thus highlighting a clear alignment among legislators on the necessity of these amendments.