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Committee approves technical fixes to 'stated value' homeowners policy law
Summary
The House Insurance Committee on March 24 reported House Bill 825 with amendments to revise the Stated Value Homeowners Policy Act, removing a costly mailing requirement and adding clarifications and agent protections.
The House Insurance Committee on March 24 heard from the bill sponsor and committee staff before adopting amendments to House Bill 825, a measure described as a technical cleanup to the Stated Value Homeowners Policy Act.
Miss Johnson told the committee HB 825 (by Representative Breaux) primarily removes a present‑law requirement that the department mail notices about stated value policies to every policyholder, a change sponsors described as addressing an unduly costly mandate. Committee members characterized much of the bill as technical corrections following changes made in the Senate.
A posted member amendment set (2287) contains two technical amendments and a third amendment that eliminates the mail‑out requirement and revises the defined term "stated value policy." Sponsor remarks also noted new language intended to provide protection for insurance agents so that agents would not face a private cause of action under the revised disclosure rules.
The chair recorded several supporters present, including trade association representatives and a Department of Insurance deputy commissioner who signaled support. The chair moved to report HB 825 as amended; seeing no objections, the committee reported the bill with amendments by voice consent. The committee record lists amendment set 2287 as adopted.
The bill will advance from committee as reported for further House consideration.
