Today, LABI President Stephen Waguespack released the following statement upon the Senate’s passage of SB 418 by Sen. Kirk Talbot: 

“This legislation is long overdue. In voting to support this bill, Senators today stood with families and business owners across Louisiana who overwhelmingly support improving our legal system and lowering our car insurance rates. The COVID-19 pandemic has created an unprecedented economic crisis and now more than ever, our working families and job creators can’t afford to keep paying the hidden costs of Louisiana's 'tort tax.' This bill enacts smart, common-sense legal reform that brings Louisiana in line with the rest of the country and ensures that our state’s drivers no longer have to pay the second-highest auto insurance rates in the nation. We look forward to continue working with a broad, bipartisan coalition of legislators and stakeholders to get this legislation to the governor’s desk.”

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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.

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