HOUSE floor amendments [LINK]:

• Changes the bill to establish the "Stated Value Policy Act," applying specifically to insurers offering residential property policies.
• Removes the term "homeowner's" to broaden the scope to residential policies generally.
• Requires insurers to offer a "stated value policy" at the homeowner's or authorized agent's request.
• Sets coverage limits at no less than the property's assessed fair market value; however, allows homeowners without mortgages to insure at a stated amount of their choosing.
• Mandates the Commissioner of Insurance to provide clear, accessible information on the risks, limitations, and characteristics of stated value policies, regularly updating and disseminating materials to consumers.
• Makes technical corrections and renumbering for consistency.

Proposes the creation of the Stated Value Homeowner's Policy Act. This legislation would require property and casualty insurers in Louisiana to offer homeowners the option of a stated value homeowner's insurance policy. Under such a policy, the coverage amount is based on a value declared by the homeowner and agreed upon by the insurer, rather than solely on the property's market value.

Key provisions of the bill include:

·       Disclosure Requirement: Insurers must prominently disclose the availability of stated value policies in all policy proposals, agreements, and renewal documents provided to consumers.

·       Homeowner Obligations: To elect a stated value policy, homeowners are required to submit a written payoff statement from their mortgage holder and a mortgage certificate from the clerk of court indicating the status of any mortgages on the property.

·       Coverage Limits: The policy's coverage limit must be at least equal to the unpaid principal balance of any mortgage on the property.

·       Consumer Acknowledgment: Before issuing a policy with coverage limited to the unpaid mortgage balance, insurers must obtain a signed statement from the insured acknowledging the potential financial risks, including possible loss of home equity, in the event of a total loss.

The bill also grants the Department of Insurance authority to enforce these provisions and to adopt necessary regulations.

Expands the definition of "authorized emergency vehicle" to include vehicles used for coroner investigations.

Current Law: Defines "authorized emergency vehicle" to include vehicles operated by fire departments, police, ambulance services, and certain designated public or private entities.

Proposed Change: Adds vehicles used for coroner investigations to the list of authorized emergency vehicles.

Allows coroners’ vehicles to legally operate with the privileges granted to emergency vehicles, such as using lights and sirens and receiving traffic priority when responding to calls.

House Bill No. 569 by Representative Braud

Summary:

Requires that any judicial salary increases authorized for Fiscal Year 2024 be funded by the judiciary.

Key Provisions:

• Amends R.S. 13:50(3)(b) to add FY 2024 to the list of years in which judicial salary increases must be funded by the judiciary itself.
• Retains the requirement that salary increases for FY 2020 are also funded by the judiciary.

Revises the structure and appointment process for the boards of commissioners of the Southeast Louisiana Flood Protection Authority-East (SLFPA-East) and West Bank (SLFPA-West).

Key Provisions: 

- Reduces SLFPA-East board membership from 9 to 7. 

- Alters professional background requirements for board members, adding roles for a CPA, attorney, law enforcement professional, and eliminating one at-large seat. 

- Shifts some appointments to nominations by LSU, Southern University, and Tulane. 

- Revises nominating committee composition and procedures, particularly for SLFPA-West. 

- Limits authority of SLFPA-West’s regional director and eliminates corresponding roles in SLFPA-East. 

- Increases maximum consecutive board terms from two to three. 

- Clarifies procedures and timelines for filling expected and unexpected vacancies.

Revises membership, nomination procedures, and term limits for Southeast Louisiana Flood Protection Authorities. Enhances Coastal Protection and Restoration Authority (CPRA) oversight

KEY PROVISIONS:

• Changes Southeast Louisiana Flood Protection Authority-East board composition:
• Decreases engineers/science professionals from five to four.
• Increases members from other disciplines from two to three.
• Adds three members with fewer residency restrictions.
• Makes the CPRA Executive Director secretary/custodian for nominating committees, replacing regional directors/presidents.
• Shortens vacancy notification timelines and requires two nominees per unexpected vacancy.
• Increases allowed consecutive commissioner terms from two to three.
• Allows remote meetings for nominating committees.