On Jun. 18, LOU INS data call re homeowners' policies 3 year rule.
LOU INS issued Bulletin 2024-01 data call relating to homeowners' insurance policies.
Insurers are required to complete, submit homeowners’ insurance policies data calls.
Use periodiconline insurance data reporting system (POIDRS), industry access portal.
Required by LOU LEG HB 611, Act 9, 2024; property insurance reform, see #211314.
Reporting Requirements
All insurers are required to submit initial report of all homeowners’ insurance policies in place for at least 3 years on or before Aug. 1, 2024; filed on/before Sep. 30, 2024.
Initial report must include physical address with zip code, parish, policy number, expiration date, dwelling coverage amount, and premium charged for each policy.
Must also file 2nd report by Feb. 1, 2025, updating number, reasons for cancellation, nonrenewal of all homeowners’ insurance policies in place on Aug. 1- Dec. 31, 2024.
After second report, insurers must file on quarterly basis per with provided schedule.
Must file quarterly reports of policies subject to the three-year rule starting in 2025.
Insurers that choose not to utilize the up to 5% cancellation provision must file, complete data field indicating no policies will be cancelled/nonrenewed per Act No. 9.
Additionally, insurers must report the number of homeowners’ insurance policies in place under the three-year rule on quarterly basis in accordance with schedule.
Microsoft Excel templates to facilitate submission of data will be available after Aug. 1.
Effectiveness
Initial report of policies in place for 3 years must be filed on or before Sep. 30, 2024.
