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.

            Acts 2025, No. 428, §1, eff. Jan. 1, 2027.