On May 23, LOU LEG enacted bill for military insurance discounts.
LOU LEG enacted SB 337 on premium discount for military reserve servicemembers.
Amends LOU INS 22-1482 regarding military personnel premium discount, rebates.
Document dated May 23, 2024, received from LOU LEG May 29, summarized Jun. 2.
Bill Provisions
Extends automobile insurance 25% discount to servicemen in the military reserves.
Insurers providing the automobile insurance premium discount to a military reservist, retired military, and veterans with a disability of fifty percent or more entitled to credit.
Credit applied toward the premium taxes in amount equal to the discount applied.
Legislative History
On Mar. 11, 2024, bill introduced in Senate; on Mar. 20, 2024, bill passed in Senate.
On Mar. 21, 2024, bill introduced in House; on May 14, bill passed with amendments.
On May 16, 2024, bill enrolled; on May 23, 2024, governor signed, assigned Act 173.
Effectiveness
Act 173 shall be effective as of Jan. 1, 2025.
Regulators
LOU LEG
Entity Types
Ins
Reference
Act 173, Bill SB337, 5/23/2024; Citation: LOU INS 22-1482;
