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Commissioner Temple Calls for Special Session on Legal Reform Following Governor’s Veto of HB 423
June 18, 2024
Today, Gov. Jeff Landry vetoed HB 423 by Rep. Michael Melerine (R-Shreveport), which passed with widespread bipartisan support. LABI released the following statement on behalf of President and CEO Will Green.
“The business community is deeply disappointed in the governor’s veto today of HB 423. As we have said since its passage, HB 423 was a compromise bill that helped bring fairness, predictability and transparency to our legal system. The governor’s signature would have sent a resounding message to insurance carriers throughout the state and the country that Louisiana is indeed open for business as we work to fix our unstable insurance market.
“To defend his veto, the governor cherry-picked examples and pointed to other states that have litigation protections and guardrails in place that simply don’t exist in Louisiana, and therefore did not tell the whole story.
“While Gov. Landry could have provided a lifeline for all Louisianans currently drowning in an unaffordable market, he instead chose to stand with the trial bar and the status quo while businesses and citizens across this state scramble to pay yet another year of unsustainable premiums. Simply put, Louisiana’s market is dire and desperate.
“This past session, LABI and a coalition of stakeholders, including Insurance Commissioner Tim Temple, worked tirelessly on legislation to bring stability to the out-of-control insurance market. Gov. Landry’s voice could have ensured a more robust bill.
“While the governor has signed into law a property insurance reform package that helps bring fairness and balance back to our property insurance market, for which we are grateful, he has not yet adequately addressed the auto insurance crisis crippling the state. Without holistic reform addressing both property and auto insurance, we will continue to see insurers flee the state in favor of those with better business climates—leaving Louisiana citizens with few options and the highest rates in the country.
“Despite this misguided decision, LABI stands ready to work alongside Gov. Landry should he choose to be an active participant in this very important conversation.”
