A package of bills that Gov. Jeff Landry signed earlier this month deregulating the insurance industry could soon be put to the test. This year’s hurricane season could be an active one, according to NOAA’s latest forecast.
The bills include one that gives insurance companies more time to settle property damage claims. Another allows insurers to change rates without first getting approval from the state’s insurance commissioner.
Louisiana is also eliminating its three-year rule, which prevents providers from dropping customers who have had policies for at least three years.
All of the bills were supported by Republican Insurance Commissioner Tim Temple. Hurricane season begins on June 1 and ends on November 30, though it could take longer to see the effects of the new laws.
