Both insurance-related bills from special session signed into law by governor

Two bills that will impact insurance in Louisiana have been signed into law by Louisiana Governor John Bel Edwards.

The La. Senate and the La. State House of Representatives both also passed HB1 and HB2.

HB1 appropriates $45 million in grants to lure more insurance companies to Louisiana. HB2 keeps companies that previously filed for bankruptcy from being eligible for the incentives.

The governor’s office released the following statement about the end of the insurance fund special session:

“I am grateful to Senate President Page Cortez, House Speaker Clay Schexnayder, and the entire legislature for their willingness to come in for this brief special session. This appropriation into the Insure Louisiana Incentive Fund will only partially address the current crisis by bringing more insurers into our market, limiting premium increases by fostering competition, and reducing the number of Citizens policies and the attendant risks of statewide assessments to address the impact of future catastrophic weather events.”

--Gov. John Bel Edwards