Louisiana Insurance coverage Commissioner Tim Temple despatched out an announcement this week to all property and casualty insurance coverage firms notifying of a statue that requires insurers to reveal all accessible reductions that would result in diminished premiums for present or potential policyholders.
The statute went into impact on Might 1, 2025 after Louisiana lawmakers final yr handed a invoice to ascertain larger transparency to the supply of reductions.
Based on Temple’s bulletin, the low cost disclosures should be offered in a font measurement of at the least twelve factors and delivered both electronically or included within the written supplies supplied to policyholders with a brand new coverage and at every renewal.
If delivered electronically, disclosures should be despatched to an e mail handle the policyholder has consented to make use of for receiving notices and paperwork, or made accessible on a safe web site or community, with an e mail notification of the posting despatched to the policyholder, the bulletin says.
The statute applies to all insurers writing owners’ or non-public passenger motorized vehicle insurance policies within the state.
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