SB 247 Louisiana Senate · 2025 Regular Session

PROPERTY INSURANCE: Provides relative to insurance rate regulation. (8/1/25)

SB 247 addresses property insurance and its rate regulation. While the bill's title indicates it provides provisions related to how property insurance rates are managed, the provided text only shows an amendment deleting a placeholder. Therefore, specific details about the bill's mechanisms or concrete policy changes cannot be determined from the available information.

Bill status died 1 of 4 stages cleared

Introduction

May 2025

Committee Review

Floor Vote

Governor

Introduced May 19, 2025 Last action May 21, 2025

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What changed between versions

SB247 Original → SB247 Engrossed · 2 edits · May 20, 2025

MINOR

The bill adds a critical condition stating that a competitive insurance market is presumed to exist only if the commissioner does not find otherwise after a public hearing. This change clarifies that the presumption of competition is not absolute and requires an active determination by regulators if competition is lacking. Additionally, the bill expands the specific factors the commissioner must evaluate when assessing market competition, including the extent to which any single insurer controls the entire market.

Scope change

The scope of the commissioner's authority to declare a lack of competition was clarified to require a formal public hearing process before such a determination is made.

REQUIREMENT

Added a condition that the presumption of a competitive market can be overturned if the commissioner, after a public hearing, determines that reasonable competition does not exist.

Expanded the list of factors the commissioner must analyze to include the extent to which any single insurer or group controls all or a portion of the market.

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Committee

1 primary · 0 co-sponsors