In legislative news:

HB393, the bill expanding the investment options of workers’ compensation group self-insurance funds in Louisiana, passed favorably out of the House Labor and Industrial Relations Committee yesterday with minor amendments. Stan Harris, President and CEO of the Louisiana Restaurant Association, sat alongside Representative Lorusso, sponsor of the legislation, and spoke in support of the measure, saying that the expanded options will improve investments yields and thus enhance the security and solvency of SIGs. “Funds currently have very limited options…most of these are tied to interest rates which have been historically low,” Harris testified. Vice-Chairman of the Committee, Representative Broadwater, and Representative Cox moved favorably on the bill, with Broadwater confirming for the record: “This would help strengthen your funds and make sure that you’re financially sound and can take claims that you owe to the workers.” The bill received no opposition from Committee members or the public.

See the amendments to the bill here. Read the original text of the HB393 here.

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