Louisiana lawmakers gave final approval to several bills seeking to deregulate the insurance industry.
One bill, sponsored by Rep. Gabe Firment, R-Pollock, would get rid of the three-year rule — a law unique to Louisiana that prevents providers from dropping customers who have had policies with them for at least three years.
Another bill would allow insurers to change rates without first getting approval from Insurance Commissioner Tim Temple. Rate changes would be considered automatically approved, and Temple would have 30 days to review them.
Both bills are supported by Temple, a Republican who says deregulation will attract more providers to the state and increase competition. About a dozen home insurers left Louisiana after major hurricanes in 2020 and 2021.
The proposals head next to Gov. Jeff Landry’s desk.
