The Louisiana governor signed four bills into law on Tuesday, which would tackle the state’s insurance crisis.
Gov. Jeff Landy signed the bills to focus on reform to create a competitive and stable insurance marketplace for Louisiana.
“Our hope is that this package of bills will start to create more balance in the law and in the market such that we can drive the cost of property insurance down so it’s more affordable for our citizens,” Landry said.
Senate Bill 323 established a tighter deadline for insurers to initiate loss adjustments. That includes 14 days for non-catastrophic, and 30 days post-catastrophe. This bill includes potential extensions by state officials.
House Bill 611 would remove the three-year rule for new policies and allow insurers to more effectively manage their risk by allowing nonrenewing up to 5% of the three-year policies.
Senate Bill 295, increases the speed to market for insurance products and rare changes while maintaining regulatory oversight.
The last bill, House Bill 120, strengthens the Louisiana Fortify Homes program, which offers incentives to homeowners who enhance their homes to better withstand severe storms.