“We have taken a bold first step.”
Those were the words of Insurance Commissioner Tim Temple (pictured) following the passage of property insurance reform legislation in Louisiana.
Referring to Senate Bill 323: Provides for fair claims processing, Senate Bill 295: Provides for rate filing procedures and requirements for rate making, House Bill 611: Provides relative to homeowners’ insurance and termination of certain policies, and House Bill 120: Repeals the termination date relative to the Louisiana Fortify Homes Program, Temple said in a statement: “With the final passage of SB 323, SB 295, HB 611, and HB 120, we have taken a bold first step in addressing the insurance crisis that most Louisianans have been facing for several years now.”
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In his comments, the insurance commissioner expressed gratitude to several people.
“Thank you to Governor Landry, President Henry, Speaker DeVillier, Chairman Talbot, and Chairman Firment for your strong leadership on insurance reform, and thank you to legislators like Sen. Heather Cloud, Sen. Adam Bass, and Rep. Matthew Willard for carrying important legislation that will help create a competitive and stable insurance marketplace for Louisianans,” he stated.
“These bills provide real, proven solutions to the problems that have been plaguing our market – problems identified not only by the Governor’s Insurance Policy Council and my transition advisory team, but also by the insurers and reinsurers that have been avoiding an increased investment in Louisiana for years.”
Temple went on to note that while change is slow, the passage of the bills commences the process of bringing the ‘Insurance Renaissance Louisiana’ that the state deserves.
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