LA| The Louisiana Department of Insurance issued Advisory Letter 2025-03 to notify authorized property and casualty insurers about a new mandatory disclosure requirement established by Act 11 of the 2025 Regular Legislative Session. Effective January 1, 2026, insurers must prominently display the prior policy premium alongside the renewal premium when issuing homeowners’ or private passenger motor vehicle insurance renewals, in accordance with the amended La. R.S. 22:881.1(B). This aims to enhance transparency for policyholders, allowing for clearer comparisons of premium changes.
Key points:
- Insurers must disclose the prior policy premium near the renewal premium on policy documents.
- Full compliance with La. R.S. 22:881.1(B) is required by January 1, 2026, after a grace period to adjust systems.
- The Louisiana Insurance Commissioner is in the process of promulgating supporting regulations, with more detailed guidance forthcoming.