This text of Louisiana § 22:1346.5 (Dissemination of information on risks associated with stated value policies;) is published on Counsel Stack Legal Research, covering Louisiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
§1346.5. Dissemination of information on risks associated with stated value policies;
commissioner
A. To promote consumer awareness within the insurance marketplace, the
commissioner shall provide clear, understandable, and accessible informational materials to
consumers regarding the risks, potential disadvantages, and limitations associated with stated
value policies. At a minimum, the commissioner shall include the following in informational
materials:
(1)A clear explanation of what stated value policies are and how they differ from
other types of property insurance policies, including but not limited to differences of
replacement costs.
(2)A description of the potential financial risks of a stated value policy, including the
possibility that the stated value may not fully cover the c
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§1346.5. Dissemination of information on risks associated with stated value policies;
commissioner
A. To promote consumer awareness within the insurance marketplace, the
commissioner shall provide clear, understandable, and accessible informational materials to
consumers regarding the risks, potential disadvantages, and limitations associated with stated
value policies. At a minimum, the commissioner shall include the following in informational
materials:
(1) A clear explanation of what stated value policies are and how they differ from
other types of property insurance policies, including but not limited to differences of
replacement costs.
(2) A description of the potential financial risks of a stated value policy, including the
possibility that the stated value may not fully cover the cost of repairing or replacing
damaged or destroyed property.
(3) A comparison of stated value policies with other types of policies, including but
not limited to actual cash value policies, highlighting the advantages and disadvantages of
each.
(4) Consumer tips for evaluating insurance options and understanding policy terms,
including instructions on how the consumer may ask questions and seek clarification from
the insurer about the terms and conditions of a stated value policy.
B.(1) The commissioner shall establish a dedicated section on the department's
website for consumers to access the informational materials described in this Section and
shall distribute the informational materials to homeowners at least once every two years
through either direct mail, email, or other means deemed appropriate by the commissioner.
(2) The commissioner shall periodically review and update the informational material
provided to homeowners to ensure it reflects any changes in the insurance market.