LEGISLATIVEUPDATE

The endorsement is an optional purchase for policyholders, but such an endorsement MUST be made available as an option by Homeowners insurers.

HB 110 was signed into law by the governor and became Act 12

HB 183 (Firment) – Prohibits the assignment of insurance policy benefits.

It prohibits the assignment of benefits for an insurance policy.

Assignment of benefits was a significant problem in the Florida market.

Assignment of benefits was a major problem in the Apex Roofing and McClenny Moseley & Associates scandal in Louisiana

HB 183 was signed into law by the governor and became Act 364.

HB 294 (Willard), HB 309 (Garofalo), SB 113 (Hewitt) –Provides for insurance premium discounts for Fortified construction.

These are 3 essentially identical bills to mandate discounts for policyholders who bring their homes to the Fortified building standard

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The bills do not specify a specific amount for the discount, a carrier can use whatever their actuarial math shows to be justified, but they must provide an actuarially justified discount for Fortified homes. All 3 bills enjoy broad support amongst the industry, from both sides of the aisle, and across the business community.

HB 294 was signed into law by the governor and became Act 1.

HB 383 (Amedee) – Requires each insurer subject to the Louisiana Insurance Guaranty Association Law to provide for a data transfer plan and file such a plan with the commissioner of insurance.

Requires admitted insurers to file a plan for how their data can be efficiently transferred into LIGA’s systems in the event of insolvency. This bill was brought in response to the difficulty that LIGA experienced after the multiple insolvencies of the past couple of years in getting appropriate data to facilitate their taking over claims from insolvent insurers.