Louisiana Insurance Commissioner Tim Temple sent out an announcement this week to all property and casualty insurance companies notifying of a statue that requires insurers to disclose all available discounts that could lead to reduced premiums for current or prospective policyholders.
The statute went into effect on May 1, 2025 after Louisiana lawmakers last year passed a bill to establish greater transparency to the availability of discounts.
According to Temple’s bulletin, the discount disclosures must be presented in a font size of at least twelve points and delivered either electronically or included in the written materials provided to policyholders with a new policy and at each renewal.
If delivered electronically, disclosures must be sent to an email address the policyholder has consented to use for receiving notices and documents, or made available on a secure website or network, with an email notification of the posting sent to the policyholder, the bulletin says.
The statute applies to all insurers writing homeowners’ or private passenger motor vehicle policies in the state.
Topics
Carriers
Louisiana
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