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Committee clears bill easing formation of domestic captive insurers
Summary
The Senate Insurance Committee reported House Bill 635 favorably after the sponsor said the measure would make it easier to form and operate domestic captive insurers in Louisiana, modeled on a Vermont program proponents described as successful.
House Bill 635, sponsored in the House by Representative Bamberg, was reported favorably by the Senate Insurance Committee on May 21 after the author described the measure as easing restrictions on the formation and operation of domestic captive insurers.
Representative Bamberg said the bill "regulates the formation [and] operation of domestic captive insurers in Louisiana" and described the measure as a step to address insurance affordability and availability. He said the legislation was modeled on a program in Vermont. "Allowing captives to be created a little easier in the State of Louisiana" was presented as a tool to improve availability of coverage for some classes of insureds.
Committee members registered no objections during the brief presentation. Several parties filed cards in support and offered to provide information if requested, including Commissioner Tim Temple and a Department of Insurance representative. Senator Myers moved to report House Bill 635 favorably; the committee reported the bill without recorded opposition.
Discussion vs. action: The hearing involved a brief presentation by the bill author and the committee's formal vote to report the bill favorably. No floor amendments were adopted in committee.
Next steps: The bill proceeds to the full Senate for further consideration; sponsor and stakeholders indicated readiness to provide additional information to the committee if requested.
