This afternoon, Gov. John Bel Edwards vetoed SB 418 by Sen. Kirk Talbot (R-River Ridge), the Omnibus Premium Reduction Act. LABI President Stephen Waguespack released the following statement:
“The Governor’s veto of Sen. Talbot’s SB 418, the bill to reduce frivolous lawsuits and insurance rates was not unexpected, but make no mistake, leaving this special session without legislation signed into law to address the insurance crisis is not a feasible option. Everyone knows the insurance affordability and availability problem is very real. On average, Louisiana households pay $4,000 more per year in hidden costs such as personal auto insurance rates driven high by our poor legal climate, while countless businesses are seeing their options for commercial coverage vanish before their very eyes. This reality cannot be ignored. Leaders in both the House and the Senate have taken a strong, vocal position on the urgency to tackle this issue in the special session, and they are already working with the same broad, bipartisan coalition that supported SB 418 to ensure that more bills get on the governor’s desk that fix our broken legal system and lower car insurance rates for all drivers in Louisiana. Their commitment to fixing this problem is recognized and appreciated by businesses and working families across the state and hopefully will provide the results needed to convince Gov. Edwards to help solve this problem once and for all.”
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About the Louisiana Association of Business and Industry
The Louisiana Association of Business and Industry was organized in 1975 to represent Louisiana businesses, serving as both the state chamber of commerce and state manufacturers association. LABI’s primary goal is to foster a climate for economic growth by championing the principles of the free enterprise system and representing the general interest of the business community through active involvement in the political, legislative, judicial and regulatory processes. Find out more information at www.labi.org.