As we previously reported here, the Louisiana House of Representatives scheduled a floor debate for April 21, 2010 on House Bill 285 (the “Bill”). On April 21, 2010, the Bill was passed by a unanimous vote of 83-0. Currently, the Bill is with the Louisiana Senate’s Committee on Insurance for review before it heads to the Senate floor for a vote.
The Bill clarifies that Louisiana-eligible surplus lines insurers are exempt from rate and form filing and approval. The passage of the legislation is of particular interest to surplus lines insurers as the lack of a clear statutory exemption in Florida led to numerous lawsuits following a Florida Supreme Court ruling that surplus lines insurers were subject to form filing requirements until similar clarifying legislation enacted.
We will continue to follow the Bill and provide further updates on InsureReinsure.com.
Click here for a copy of Bill.
