INSURANCE/PROPERTY: Provides with respect to residential property and catastrophic event modeling

This bill, known as the Louisiana Fair Insurance Modeling and Transparency Act, requires residential property insurers to disclose how they calculate risk for wind and flood damage. It mandates that companies separate their calculations for wind and storm surge, explicitly account for local flood protection infrastructure, and run tests to show how different assumptions affect their loss estimates. Additionally, the bill empowers the state insurance commissioner to allow different risk ratings for specific areas based on local conditions rather than using a single statewide average. Insurers must submit these detailed reports to the state, and the Department of Insurance will provide a summary to the legislature every two years starting in 2027.