The Insurance Rating Division reviews rate and rule filings for all property and casualty policies sold in the state to ensure that Louisiana's rates are not excessive, inadequate or unfairly discriminatory. This is achieved through:
- A review of all initial rate and rule programs and all proposed rate rule changes.
- An actuarial review of selected rate filings.
The division operates under Louisiana's "prior approval" law, which means that companies cannot implement or impose their property and casualty rates and rules without first receiving approval from the Commissioner of Insurance.
If actuarial data does not support a proposed rate change, the rate filing will be disapproved. Additionally, if the division finds that a proposed rule is not in compliance with Louisiana statutes, then the proposed rule is disapproved.
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