Home and auto insurers in Louisiana can now raise rates prior to approval by state regulators, thanks to a quartet of new laws designed to address the state’s ongoing insurance crisis. The bills also allow home insurers to drop up to 5% of their homeowners insurance policies in the state every year.
Proponents of the legislation, including Tim Temple, state insurance commissioner, say the rule changes will bolster Louisiana’s struggling insurance market by making it easier for insurers to do business in the state. Critics say the laws remove important consumer protections and could worsen the state’s insurance crisis.
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