Insurance Department defends actuarial review process as senators press for more tools to lower auto premiums
Department of Insurance officials told the Senate Insurance Committee they review hundreds of filings annually and rely on actuarial standards to judge rate requests, while senators and consumer advocates said Louisiana's high auto premiums merit additional regulatory tools and non-rate interventions such as road-safety improvements.
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Louisiana Department of Insurance officials described the state's rate-review process to the Senate Insurance Committee, saying actuaries at the department use nationally accepted standards to evaluate insurer filings and that outright disapprovals for actuarial reasons are rare. At the same hearing, senators and consumer advocates pushed for broader approaches to reduce Louisiana's expensive auto premiums, including legal reforms, greater transparency and non-insurance interventions such as improved street design.
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