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Committee approves bill requiring insurers to notify regulator when they pause writing policies; debate over confidentiality
Summary
House Insurance Committee members adopted amendments and reported Senate Bill 137, which requires insurers to tell the Department of Insurance within 10 days when they stop, pause or resume writing certain new policies in a geographic area.
The House Insurance Committee adopted amendments and reported Senate Bill 137 favorably after extended debate over whether notifications should be confidential. The amended bill requires insurers to notify the Louisiana Department of Insurance within 10 days after informing agents that they will cease, pause or resume issuing new auto or property policies for a particular geographic area.
The Department of Insurance’s chief deputy Barrow Peacock told the committee the notification is…
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