The 2024 legislative session is underway and insurance reform is a major focus. Insurance Commissioner Tim Temple says reducing regulations on property insurance companies will lead to a more competitive market which should lower rates. Temple says one of the bills he’s favoring is “file and use” which would allow insurers to adjust rates without his approval. He points out the department still has regulatory charge…
“To make sure that any rates used in Louisiana they are rate adequate which means they can’t be too cheap cause you want insurance companies to sell a product that they can back. They also have to make sure that they’re not unduly discriminatory.”
Temple is also pushing to end the three-year rule, which prohibits insurers from dropping a customer they’ve insured for three years. He says his measure would lift profit caps on insurance companies.
“Anybody that lives in America that supports free market and capitalism ought to be in support of allowing businesses to do business where they want – with whom they want.”
The former insurance executive wants Louisiana to be a more stable market for consumers and companies. He says the focus is to attract more insurance companies and lower rates.
“If we get more companies in Louisiana, then that help solve issue number one which is availability. Once you have more companies in Louisiana, that helps work on problem number two which is affordability.”
