Thursday, 12 July 2007
Louisiana Senate Votes To Abolish Insurance Rating Commission
Louisiana is the only U.S. state to have an Insurance Rating Commission that regulates property and casualty rates. Many lawmakers see the Rating Commission as a roadblock from reducing premiums for homeowners near the hurricane-ridden coast.
In a recent vote, the Louisiana Senate voted on a previously passed House bill to give the Rating Commission’s regulation duties to the elected insurance commissioner.
The Senate voted 33-5 to pass the measure. They also made amendments to the legislation including consumer protection from policy cancellation and a provision that stated the consumer chief can only be fired by a majority vote from both the House and Senate.
The new amendments will have to go back to the House to be approved.
“I think we have made Louisiana open for business for more insurance companies to come here. But we have also protected the consumer,” said Democratic State Senator Don Cravins, Jr.
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