To: Louisiana Homeowners Insurers
What: Notice of Intent to Promulgate Regulation 131 – Plan for Nonrenewal or Cancellation of Homeowners Policies in Effect and Renewed for More Than Three Years
From: Louisiana Department of Insurance
Date: September 9, 2024
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The Louisiana Department of Insurance issued a Notice of Intent to Promulgate Regulation 131, entitled “Plan for Nonrenewal or Cancellation of Homeowners Policies in Effect and Renewed for More Than Three Years.” The purpose of Regulation 131 is to implement the provisions of Act 2024, No. 9 of the Regular Session of the Louisiana Legislature, which authorizes an insurer to notify the Commissioner of a plan to nonrenew or cancel up to 5% of its insureds’ homeowners policies in a calendar year that have been in effect for at least three years on or before August 1, 2024, for any reason and to request the Commissioner’s approval of a plan to nonrenew or cancel more than 5% of its insureds’ homeowners policies in a calendar year that have been in effect for three years or more on or before August 1, 2024.
The Notice of Intent to Promulgate Regulation 131 – Plan for Nonrenewal or Cancellation of Homeowners Policies in Effect and Renewed for More Than Three Years will be published in the Louisiana Register on September 20, 2024.
Regulation 131 can be read in its entirety here.
