Louisiana Department of Insurance Legislative Preview Meeting Scheduled for March 5

The Louisiana Department of Insurance will hold a Legislative Preview meeting on Wednesday, March 5, 2008 at 10 a.m. to review various legislative proposals.

For those who are eligible, continuing education credits for licensed agents will be provided for attending the legislative preview.

The meeting will take place at:

Louisiana Department of Insurance – Poydras Building
Plaza Hearing Room
1702 North Third Street
Baton Rouge, Louisiana 

The Louisiana 2008 Regular Legislative Session convenes on Monday, March 31, 2008.

The Legislative Preview meeting agenda is below:

Agenda

I. Opening Remarks and Introductions – Commissioner Jim Donelon

II. Legislative Proposals – Denise Brignac, Chief Deputy

III. Property and Casualty Legislative Proposals – Ed O’Brien, Deputy Commissioner, Property and Casualty

IV. Health Legislative Proposals – Karen Winfrey, Deputy Commissioner, Office of Health

V. Licensing Legislative Proposals – Ron Henderson, Deputy Commissioner, Licensing Division

VI. Financial Solvency Proposals – Caroline Brock, Deputy Commissioner, Financial Solvency

VII. Closing Remarks – Alison Jones, Legislative Coordinator

 

Following is the Louisiana Department of Insurnace Legislative Package for 2008:

• Allow for the formation and regulation of domestic captive insurers
• Allow for Louisiana to join the Interstate Insurance Product Regulation Compact.  The compact provides a speed-to-market mechanism for specific product filings.  The compact has an Interstate Insurance Product Commission which serves as the central point of filing and approval of forms for asset-based insurance products, including life insurance, annuities, disability income and long-term care insurance
• Proposed adjustments to the Insure Louisiana Incentive Program:
• Adjust the claw back provision to be allocated on a pro-rata basis
• Addition of a final date for return of unearned grant money
• Allow for a third round of grant applicants 
• Add Health Maintenance Organizations to the financial regulation fee statute
• Amend Catastrophe Plan Requirements to include Life and Health insurers, Health Maintenance Organizations, Managing General Agent’s and Third Party Administrator’s
• Require Property Residual Value Insurers and Vehicle Mechanical Breakdown Insurers to submit policy forms for review and approval by the Commissioner
• Provides for Licensing and Continuing Education Requirements for Producers.
• Allow for the implementation of regional deductibles and the application of one deductible per loss for personal lines claims
• Prohibit insurers from including fines and penalties in rate filings
• Correct the typo in Act 449 that offers policyholders the option of a contents specific policy
• Delete the reference to §1406 in §680 dealing with UM provisions
• Amend the procedure for Medical Necessity Review Organizations to combine the standard appeals process and provide for the review of experimental and investigational determinations
• Require discount medical plans to register with the department
• Mini-COBRA
• Provides for new appointments to the Louisiana Property and Casualty Insurance Commission. 
•  Provides Citizens the authority to collect rate making information.
• Further defines biographical information required of foreign or alien insurers for submission to the Commissioner of Insurance.
• Provides for the delivery of certification of home state deposits for non-domestic life insurers.
• The Department of Insurance must also meet the Sunset requirements of the Legislature during the 2008 Regular Session.

 

The Legislative Preview meeting will be accessible via Webcast.  Instructions for viewing the Webcast are below:

Please access the Department of Insurance website at www.ldi.state.la.us

• Click Media from home page (2nd link)
• Click Video Center (2nd link)
• You will see a page entitled –The Louisiana Department of Insurance Media Center Louisiana Insurance Rating Commission Meetings
• Scroll to bottom of page to “LDI Live Video Feed”
• Select “View Live Broadcast (Broadband)”

*If you have any questions you would like answered during the Webcast please email them to legis08@ldi.state.la.us.  Your questions will be given to the speakers during the review.

 

Should you have any questions or comments, please do not hesitate to contact this office.

 

 

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