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House committee advances bill giving commissioner broader power to reject "excessive" insurance rates
Summary
Governor Jeff Landry urged the House Insurance Committee to give the state insurance commissioner power to disapprove “excessive” rates regardless of whether a market is labeled competitive, saying the change would let regulators force insurers to deliver reduced premiums when laws are changed.
Governor Jeff Landry pushed House Bill 576 to expand the state Department of Insurance’s authority to reject insurance rate filings that are “excessive,” arguing the change would let regulators hold insurers accountable and lower consumer premiums.
Landry told the House Insurance Committee the bill and a set of amendments mirror language used in Mississippi and would remove a statutory barrier that prevents the commissioner from finding rates excessive in a so-called competitive market. “If we empower the insurance commissioner with the ability to hold those that are profiting off of our misery accountable, then we'll have the power to ensure that the rates are lowered every time you touch the law,” Gov. Jeff Landry said.
The bill’s supporters framed it as a check on high premiums. Vice Chair Chad Brown, authorized to present the measure for…
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