LOU LEG Property Insurance Bill


On May 22, LOU LEG passed bill regarding citizens property insurance.


  • LOU LEG passed Bill HB 428 re the Louisiana citizens property insurance corporation.
  • Amended Louisiana Revised Statutes LOU INS 22:2292, LOU INS 22:2322, LOU INS 22:2336, re insurable property, and options to exclude coverage of personal property.
  • Citizens Property Insurance Corporation
  • Policyholder may request to exclude tangible personal property from covered insurable property, and if excluded, insurer may calculate an actuarial reduction in premium.
  • Also may request to exclude corporeal movable property from covered insurable property, and if excluded, insurer may calculate an actuarial reduction in premium.
  • Additional may request to exclude tangible personal property from covered insurable property, and if excluded, insurer may calculate an actuarial reduction in premium.
  • Legislative History
  • On Mar. 11, 2024, bill introduced in House; on Apr. 10, 2024, bill was passed in House.
  • On Apr. 15, 2024, bill delivered to Senate; on May 15, 2024, bill was passed in Senate.
  • On May 20, 2024, bill returned to House; on May 22, 2024, bill delivered to governor.
  • Effectiveness
  • If approved, bill becomes effective on Aug. 1, 2024.
  • May 28, 2024, LOU LEG Governor Approval
  • On May 28, 2024, LOU LEG enacted bill HB 428 with governor's approval, as Act 401.

Regulators LOU LEG
Entity Types Ins
Reference Act 401, 5/28/2024; Bill HB428, 5/22/2024; Citation: *LOU INS* 22:2292, 22:2322, 22:2336;
Functions Actuarial and Valuation; Compliance; Financial; Legal; Product Administration
Countries United States of America
Category
State
Products Insurance; Insurance-Property
Regions Am
Rule Type Final
Rule Date 5/22/2024
Effective Date 8/1/2024
Rule Id 212893
Linked to N/A
Reg. Last Update 5/28/2024
Report Section US Insurance

Last substantive update on 06/06/2024