The state Senate agreed in a 36-0 vote that hefty rate hikes for customers of Louisiana’s property insurer of last resort should require legislative approval.
Senate Bill 19 would require annual rate hikes over 25 percent from the Louisiana Citizens Property Insurance Corp. to get approval from the House and Senate insurance committees. It also would allow Citizens to spread increases over two to five years.
“There is no check and balance on Citizens rate increases right now,” said state Sen. Bret Allain, R-Franklin, sponsor of the measure.
The proposal heads next to the Louisiana House for debate.