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Louisiana to Increase Penalty to Insurers for Late Payment

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At a glance:

A new law, now working its way through the Louisiana legislature, would increase penalties to insurance companies who do not pay claims on time. 
 
Companies are supposed to pay within 30 days once the claim is legally established. The penalty for late payment now is 25% of damages owed but the new law raises it to 50% and includes the possibility of payment of attorney's fees. 
 
Two other insurance reform measures were defeated in committee.

Bill raises stakes in insurance delays

Times Picayune - 6/1/2006 7:04 AM

BATON ROUGE -- The House Insurance Committee passed a bill Wednesday that would increase penalties against insurers who fail to pay property damage claims in a timely manner but killed two other measures opposed by the insurance industry that would have significantly revamped the law.
 
The authors of all the bills said they proposed the legislation on behalf of homeowners frustrated with insurance companies over claim adjustments or rising premiums after Hurricanes Katrina and Rita.
 
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