Louisiana Revised Statutes 22:1334 – Homeowners insurance policies; conversion of policy forms
Terms Used In Louisiana Revised Statutes 22:1334
- Policy: means an automobile liability, automobile physical damage, or automobile collision policy, or any combination thereof, delivered or issued for delivery in this state, or any binder based on such a policy, insuring a single individual or husband and wife resident of the same household, as named insured, and under which the insured vehicles therein designated are of the following types only:
(a) A private passenger vehicle that is not used as a public or livery conveyance for passengers, nor rented to others. See Louisiana Revised Statutes 22:1266
A. With the approval of the commissioner of insurance an insurer may convert an entire class of homeowner policies to another homeowner policy form, which has been submitted to and approved by the commissioner, as those homeowners policies are renewed. The terms and conditions of such policies, subject to the conversion, shall be continued in full force and effect for the term of the policy. The conversion provided for in this Section shall not constitute the cancellation or nonrenewal of any policy and shall not be grounds for the cancellation or nonrenewal of any policy by the insurer.
B. A conversion by an insurer shall be deemed approved by the commissioner unless disapproved within forty-five days of the filing of the proposed conversion with the commissioner.
C. All homeowner insurance policies, which have been properly filed and converted pursuant to this Section and the conversion of which will result in a rate change, shall be subject to the laws governing rate changes under Subpart O of Part IV of Chapter 4 of this Title, La. Rev. Stat. 22:1451 et seq.
Acts 2004, No. 358, §1; Acts 2005, No. 258, §1; Redesignated from La. Rev. Stat. 22:635.4 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.