A recent bulletin from the Louisiana Insurance Department dealing with form filing requirements for P/C insurance is causing concern for insurers, according to the National Association of Independent Insurers (NAII).
“Draft Regulation 78 may require insurers to issue new policies to their customers every time there is a law change, and make it a violation of Louisiana’s fraud statute if they don’t comply,” Greg LaCost, counsel for the NAII, said. “However, under the current wording, there is a lot of room for misinterpretation.”
LaCost pointed out that insurers would have difficulty complying with the regulation in cases where there are two jurisdictions with two sets of laws, or if a DOI bulletin conflicts with case law.
The draft bulletin was issued on May 17 and gave interested parties less than 30 days to submit comments. NAII will be responding to the draft regulation with a letter to the Department of Insurance, LaCost added.
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