Louisiana has enacted Senate Bill 323, which, among other provisions, adds many requirements for claims settlement practices, including penalties for the failure of payments by insurers as specified. The bill also outlines that insurers owe their insureds a duty of good faith and fair dealing with their claims. Lastly, the bill provides catastrophic loss claims settlement practices and timelines that insurers must follow, along with the penalties that may apply. The bill became effective on July 1, 2024.
Please see Louisiana Senate Bill 323 for more information.