Legislative updates

Prohibits a public adjuster from acting as contractor/subcontractor or providing any construction, roofing, or repair services to an insured in connection with an insurance claim the adjuster has processed.

Also prohibits contractors from advertising or soliciting as insurance claims specialists, or from providing any claim- or policy-related service to an insured.

Allows insurance companies to offer to a residential homeowner an insurance policy at an amount less than the value of the property (“Stated Value Homeowner’s Policy”).

Contains limitations (e.g., properties subject to a mortgage) and requires notice to the homeowner.

Prohibits binding arbitration provisions in policies with admitted carriers unless certain guidelines are followed, such as providing premium discount and requiring separate signed notice by insured.

Requires notice to insured that surplus lines insurance is not subject to certain regulations by Louisiana Insurance Code; Clarifies that surplus line policies may have forum selection and arbitration clauses.

Gives Commissioner power to determine what constitutes confidential information provided by an insurer.

Extends the notice period for non-renewal or cancellation from 30 to 60 days, and requires the insurer to give a reason.

Original Bill: Insurance company must include last year’s premium in a renewal policy package.

Final bill: two provisions from SB 172/HB 576 were added. The first lets a company determine which information is confidential; the second requires the Commissioner to disapprove rates found to be excessive.

Prohibits altering a property and casualty adjuster’s report without documenting the change in the claim file or notifying the adjuster who issued it.

Requires 2 hours of CLE by insurance producers on legislative updates in insurance law.

Also raises the licensing insurance adjusting exemption for employees of insurance companies from $500 to $2000.

Requires annual report by each insurance company of internal information.

Policyholder does not have a claim against an insurer for misrepresenting the policy in certain circumstances; amended to apply only to personal injury claims.

Current law allows the Commissioner to disapprove an insurance company’s rates depending on competitive and non-competitive markets. The bill deletes that and gives the Commissioner authority to disapprove rates found to be excessive. Failed as a standalone bill — the provisions were amended into HB 148, which passed.

Expands authority of the Commissioner to address instances of fraud by individuals not licensed by the Department of Insurance.

Provides for the Commissioner of Insurance to be appointed rather than elected.