Insurance Commissioner, Tim Temple joins the show to discuss the current state of insurance in Louisiana. He emphasizes the importance of affordable and available insurance, noting that people are more concerned about insurance than tax reform. Despite the failure of four constitutional amendments, including one on tax reform, Temple believes this has highlighted the need for focused attention on insurance issues.Temple outlines a comprehensive package of bills aimed at insurance reform, including property and auto insurance.
He mentions that while property insurance has seen improvements, with rate decreases and fewer increases, there is still work to be done. He plans to introduce additional bills to tweak and improve the market further. Temple also highlights the success of reforms in neighboring states like Georgia, South Carolina, and Florida, suggesting that Louisiana needs to continue making progress to avoid falling further behind.For auto insurance, Temple discusses several key reforms, including medical transparency (formerly known as collateral source), distracted driving, and the Housley presumption, which aims to bring fairness to injury claims. He also mentions a "no pay, no play" bill, modified comparative fault, general damage caps, and attorney interest involvement. Additionally, Temple proposes reducing the premium tax on auto insurance and extending the notice period for policy cancellations from 30 to 45 days, with a requirement for insurers to provide reasons for cancellations.
Temple emphasizes the need for continuous improvement and collaboration with legislators and stakeholders to achieve meaningful reform. He also discusses redirecting tax revenue from insurance claims to support communities affected by catastrophic events, such as the fortified roof program. Overall, Temple is optimistic about the potential for significant progress in insurance reform during the upcoming legislative session.