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House approves captive insurance bill to expand options for businesses facing high commercial insurance costs
Summary
Lawmakers passed House Bill 6 35 to authorize and regulate domestic captive insurance companies, modeled on other states' law; supporters said the change gives businesses more tools to manage rising premiums.
Representative Joseph Bamberger presented House Bill 6 35, a measure to authorize and regulate domestic captive insurance companies in Louisiana. "HB 6 35 is a bill supported by the Department of Insurance that regulates the formation and operation of domestic captive insurance companies in Louisiana," Bamberger told the chamber, describing the measure as model legislation adapted from Vermont.
Sponsors and Department of Insurance staff said captive insurers — entities created by businesses or groups of businesses to underwrite their own risk — can provide alternative…
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