The Louisiana House Insurance Committee is set to vote May 24 on two bills insurance bills that the Professional Insurance Agents of Louisiana believes are critical to the industry in the state.
In a PIA Legislative Alert, the group urged members to contact their representatives regarding House Bill 1358 and Senate Bill 693, which will be considered in the House Insurance Committee Meeting May 24 at 9:00 a.m.
HB 1358 by Rep. Karen Carter would provide insureds with a private cause of action for certain acts. The proposed law establishes private rights of action against independent agents and adjusters for certain acts. This legislation is opposed by PIA of Louisiana. The legislation was debated in House Insurance Committee last week and is back again this week.
SB 693 by Sen. Adley repeals flex band rating. If the bill passes, the state would go back to the old way handling rate regulation through the Louisiana Insurance Rating Commission. PIA of Louisiana believes the legislation would put politics back into small rate increase requests.
Source: The Tatman Group
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