LOU LEG Field Adjuster Practices


On May 16, LOU LEG passed bill on field adjuster settlement practices.


  • LOU LEG passed bill HB520 on deceptive trade practices relative to reports of adjusters
  • Adds new section LOU INS 22-1964(14)(q)) on unfair or deceptive methods, practices.
  • Bill Provisions
  • Declares unfair settlement practices on repair estimates of original field adjusters.
  • Adds insurer's failure to give requesting insured original field adjuster repair estimate.
  • Also failure to identify person who made revision, as unfair claims settlement practices
  • Legislative History
  • On Mar. 11, 2024, bill introduced in House; on Mar. 27, 2024, bill passed in House.
  • On Apr. 2, 2024, bill introduced in Senate; on May 14, 2024, bill passed in Senate.
  • On May 16, 2024, the bill was sent to governor, and is pending governor action.
  • Effectiveness
  • LOU bills generally take effect on 60th day after session adjournment, i.e., Aug. 2nd.
  • May 21, 2024 LOU LEG Governor Approval
  • On May 21, 2024, LOU LEG reported governor signed bill into law, assigned Act 113.
  • Document dated May 21, 2024, was added on May 29, 2024, due to editorial backfill.

Regulators LOU LEG
Entity Types Ins
Reference Act 113, 5/21/2024; Bill, HB 520, 5/16/2024; Citation: LOU INS 22-1964;
Functions Actuarial and Valuation; Claims/Accelerated Benefits; Compliance; Legal; Market Conduct; Sales Practices
Countries United States of America
Category
State
Products Insurance; Insurance-Property
Regions Am
Rule Type Final
Rule Date 5/16/2024
Effective Date 8/1/2024
Rule Id 212371
Linked to N/A
Reg. Last Update 5/21/2024
Report Section US Insurance

Last substantive update on 05/29/2024