INSURANCE COMMISSIONER: Requires the commissioner of insurance to determine if premium rates are excessive. (8/1/25)

SB 62 amends Louisiana insurance laws to define "excessive" rates as those likely to produce unreasonably high long-term profits for insurers. It requires the Insurance Commissioner to disapprove rates in non-competitive markets if they are excessive, inadequate, or unfairly discriminatory, but clarifies that competitive market rates cannot be deemed excessive. If rates are found excessive, the Commissioner can order insurers to refund overpayments or collect additional premiums to correct inadequate rates. This directly affects insurance companies setting rates and consumers paying premiums, ensuring rates in non-competitive markets are fair and reasonable.