This text of Louisiana § 22:1464.1 (Rate transparency report; required) 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.
NOTE: §1464.1 eff. until Jan. 1, 2027. See Acts 2025, No. 428
§1464.1. Redesignated as R.S. 22:1485 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
NOTE: §1464.1 eff. Jan. 1, 2027. See Acts 2025, No. 428
§1464.1. Rate transparency report; required
A.Every admitted insurer licensed to write homeowner's or private passenger
automobile insurance shall file a rate transparency report based on its most recently
approved rate filing by January first of each year. If the commissioner determines that a
report filed pursuant to this Section does not comply with the requirements of this Section,
the commissioner shall disapprove the filing. The report shall be substantially similar to the
model report promulgated by the commissioner and shall include a graphical representation
identifying a percentag
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NOTE: §1464.1 eff. until Jan. 1, 2027. See Acts 2025, No. 428
§1464.1. Redesignated as R.S. 22:1485 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.
NOTE: §1464.1 eff. Jan. 1, 2027. See Acts 2025, No. 428
§1464.1. Rate transparency report; required
A. Every admitted insurer licensed to write homeowner's or private passenger
automobile insurance shall file a rate transparency report based on its most recently
approved rate filing by January first of each year. If the commissioner determines that a
report filed pursuant to this Section does not comply with the requirements of this Section,
the commissioner shall disapprove the filing. The report shall be substantially similar to the
model report promulgated by the commissioner and shall include a graphical representation
identifying a percentage breakdown of the rating factors anticipated by the insurer to affect
the filing. The sum total of the percentage value attributed to the rate factors shall be one
hundred.
B. Upon issuing a new policy and upon renewal, an insurer required to annually file
a rate transparency report shall provide a copy of the insurer's most recently approved rate
transparency report for that line of coverage to the insured.
C. A rate transparency report filed pursuant to this Section shall include all of the
following:
(1) The percentage of the indicated average premium associated with the cost of
reinsurance along with information to aid the consumer in understanding the risk factor and
its impact on premium.
(2) The percentage of the indicated average premium associated with the projected
cost of claims along with information to aid the consumer in understanding the risk factor
and its impact on premium.
(3) The percentage of the indicated average premium associated with loss adjustment
expenses along with information to aid the consumer in understanding the risk factor and
its impact on premium.
(4) The percentage of the indicated average premium associated with fees and
commissions along with information to aid the consumer in understanding the risk factor
and its impact on premium.
(5) The percentage of the indicated average premium associated with the profit and
contingency of the insurer along with information to aid the consumer in understanding the
risk factor and its impact on premium.
(6) The percentage of the indicated average premium associated with any other
relevant risk factors along with information to aid the consumer in understanding the risk
factors and their impact on premium.
(7) Contact information for the department, including the phone number, email
address, and hours of service for the office of consumer services within the department.
(8) Any other rate factor or information provided by the insurer.
D. The commissioner may promulgate and adopt rules and regulations in accordance
with the Administrative Procedure Act for the implementation and enforcement of this
Section.
E. Nothing in this Section shall be construed to create a private right of action.