Louisiana’s Insurance Commissioner, Tim Temple, recently announced an important new requirement for property and casualty insurance companies in the state. Starting May 1, 2025, insurers will need to clearly disclose all available discounts that could help reduce premiums for both current and potential policyholders.
This change comes after Louisiana lawmakers passed a bill aimed at improving transparency around insurance discounts. The goal is to ensure that consumers are fully aware of any savings they might qualify for when purchasing or renewing their policies.
According to Temple’s bulletin, these disclosures must be easy to read, printed in a font size of at least twelve points. Insurers can deliver this information either electronically or in written form. If they choose to send it electronically, they must use an email address that the policyholder has agreed to for receiving important documents. Alternatively, the information can be made available on a secure website, with an email alerting the policyholder about its availability.
This new statute applies to all insurance companies offering homeowners’ or private passenger motor vehicle policies in Louisiana. By implementing these requirements, officials hope to empower consumers with knowledge about potential discounts, leading to better-informed decisions when it comes to their insurance options.