Authorized Louisiana Homeowners Insurers Must File Annual Loss, Policy Data By May 1, 2015
Oct 22, 2014
Failure to comply with Act 427, a new Louisiana homeowners’ insurance data reporting law, could result in insurer fines of $10,000 a month, Louisiana Insurance Commissioner Jim Donelon warned in Advisory Letter 2014-05 issued on October 15, 2014.
Enacted in 2014, Act 427 requires annual reporting of certain information to the Louisiana Department of Insurance (“LDI”) no later than May 1, 2015.
However, for 2015 only, property and casualty companies authorized to write homeowners insurance in Louisiana must submit data for calendar years 2004 through 2014. Updated information will be required annually on May 1 thereafter. This consists of:
- Total amount of direct paid losses of certain perils, less all deductibles
- Number of policies written
- Direct written premiums
The data must be reported by calendar year, ZIP code and parish.
Advisory Letter 2014-05 also provides insurers with guidance on the form and procedures to submit the requisite information to the LDI.
A sample Data Collection Template with instructions can be accessed at www.ldi.la.gov/act427.
To view the complete Advisory Letter 2014-05, click here.
To view the entire text of Act 427, click here.
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