Louisiana HB1117 clarifies insurer contractual payments and prescriptive periods.

Louisiana HB1117 amends existing law to ensure an insurer's payment under the terms of its contract does not acknowledge a debt or extend the prescriptive period. It maintains the prohibition on limiting the right of action against the insurer to less than 24 months for first-party claims and less than one year for other insurances. The bill becomes effective upon the governor's signature or if not signed, upon the expiration of the time for bills to become law without signature.

Louisiana HB1117 clarifies insurer contractual payments and prescriptive periods.

Louisiana HB1117 amends existing law to ensure an insurer's payment under the terms of its contract does not acknowledge a debt or extend the prescriptive period. It maintains the prohibition on limiting the right of action against the insurer to less than 24 months for first-party claims and less than one year for other insurances. The bill becomes effective upon the governor's signature or if not signed, upon the expiration of the time for bills to become law without signature.