WeVote
Log In

Bill

Bill

HB 1187

INSURANCE: Provides for emergency assessments of the Louisiana Citizens Property Insurance Corporation

2026 Regular Session Introduced by Paul Sawyer

Allows Louisiana Citizens to keep and use excess emergency assessment funds for authorized programs (notably Fortify Homes) after debt is paid, with certification and reporting.

Sent to the Governor for executive approval.
0
WeVote Research Nonpartisan
Bill Summary · HB 1187

Summary of HB 1187 (2026 Session, Louisiana)

Title

Insurance: Provides for emergency assessments of the Louisiana Citizens Property Insurance Corporation

Purpose and intent

HB 1187 aims to modify how the Louisiana Citizens Property Insurance Corporation (Louisiana Citizens) handles excess emergency assessment monies (funds raised through emergency assessments). The bill defines and allows the retention and targeted use of any excess emergency assessment monies after all bonds and indebtedness related to emergency assessments have been paid in full or defeased. It also sets governance, certification, reporting, and timing requirements to ensure funds are used to support specified programs, notably the Louisiana Fortify Homes Program, and to provide transparency to the Legislature.

Key provisions and changes

  • Definition expansion

    • Retains current definitions for personal property.
    • Adds a new defined term: “excess emergency assessment monies.”

  • Funding and debt security context

    • Acknowledges that Louisiana Citizens may pledge/assign security interests in assessments, recoverables, surcharges, and other funds as revenue for bonds or debt related to emergency assessments.

  • Use of excess emergency assessment monies

    • Excess monies may be retained for:
    • Payment of future debts, or
    • Funding purposes authorized by existing and proposed law (notably the Louisiana Fortify Homes Program) after all related bonds/indebtedness payable from emergency assessments have been paid in full or otherwise defeased.

  • Fortify Homes Program interaction

    • Excess monies may be used to fund the Louisiana Fortify Homes Program, consistent with present law (R.S. 22:1483.1).

  • Restrictions on transfer/disposition

    • The corporation may not transfer, donate, expand, or dispose of emergency assessment monies until all related bonds/indebtedness are paid in full or defeased.

  • Certification and timing requirement

    • The corporation’s governing board must adopt a resolution certifying:
    • That the requirements are satisfied, and
    • The amount of excess emergency assessment monies, directing transfer for authorized purposes.
    • Certification deadline: within 90 days after the prerequisites in present law are satisfied.

  • Transfer and investment of excess monies

    • Excess monies may be transferred to the Louisiana Fortify Homes Program Fund to be used exclusively for purposes authorized after certification.
    • After certification, the excess monies must be transferred to the State Treasurer for deposit into the Louisiana Fortify Homes Program Fund.

  • Administrative costs

    • The corporation may expend a reasonable amount of excess monies to cover actual, necessary, and documented costs related to:
    • Determining the excess monies,
    • Supporting certification,
    • Transferring funds.
    • Governing board must approve such costs by resolution.

  • Reporting and transparency

    • The corporation must report to:
    • The House and Senate committees on Insurance, and
    • Post on its public website:
      • The board resolution certifying satisfaction of requirements.
      • A report within 60 days of any transfer detailing the amount transferred, administrative costs paid, and the transfer date.

  • Effective date

    • Effective upon the governor’s signature or lapse of time for gubernatorial action.

  • Amendments and statutory references

    • The bill makes targeted amendments to R.S. 22:2292(A)(13), 22:2297(D)(2), 22:2307(G), 22:2317, and adds related provisions (R.S. 22:1483.1 is referenced in the Fortify Homes context).

Who is affected

  • Louisiana Citizens Property Insurance Corporation: Responsible for managing excess emergency assessment monies, certification processes, and transfers to the Fortify Homes Fund.
  • Louisiana Fortify Homes Program: Receives funding from excess emergency assessment monies once conditions are met.
  • State Treasurer and state Fiscal/Insurance committees: Receive statutory notification and reporting on transfers.
  • Policyholders and general public: Affected indirectly through the use of excess emergency assessment funds as part of coastal resilience/fortification efforts and transparency requirements.

Procedural and timeline aspects

  • Certification by the Louisiana Citizens board within 90 days of satisfying present-law prerequisites.
  • Transfers to the Fortify Homes Fund occur after certification and are deposited by the State Treasurer into the Fortify Homes Program Fund for exclusive use.
  • Reporting requirements: within 60 days of transfer, with ongoing transparency on the board resolution and transfer details.
  • The bill includes an amendment clarifying a statutory reference (R.S. 22:1483.1) in the final version.

Bottom line

HB 1187 codifies the handling of any excess emergency assessment monies once related debt is paid or defeased, permitting targeted use primarily to fund the Louisiana Fortify Homes Program, with strict transfer restrictions, certification processes, and public reporting to ensure accountability and alignment with Louisiana’s risk mitigation efforts.

Compiled from official sources — confirm details with the bill’s official record.

Sign in to ask a question.