State lawmakers shot down a proposal this week that would’ve stopped insurance companies from passing on the cost of their advertising campaigns to their customers in Louisiana.
House Bill 252, sponsored by Rep. Robby Carter, D-Amite, failed Tuesday on the House floor in a 27-68 vote. Party line defections included four Republicans who voted in favor of the proposal and seven Democrats who sided with the chamber’s GOP majority to kill the measure.
Currently, state law allows insurance companies to factor in their advertising expenses when calculating premiums billed to Louisiana policyholders.
The country’s top four insurance companies — Progressive, Geico, State Farm and Allstate — spent nearly $5 billion on advertising last year nationally, according to a report in Insurance Business Magazine.
When presenting his bill to the chamber, Carter estimated Louisiana residents are subsidizing at least $100 million of ad expenses for the “big four.”
“And that’s just four insurance companies,” Carter said, suggesting the true cost is much higher. “Now, where would you rather have that money? In your constituents’ pockets or paid out to Aaron Rodgers and the zombie man or Allstate and any other high-priced peddlers who are out there peddling this insurance?”
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