Insurance Commissioner generally happy with insurance bills that cleared the legislature

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Insurance Commissioner Jim Donelon and House & Senate insurance committee leaders have a press conference scheduled today to talk about the outcomes of a package of insurance bills aimed at fixing an ailing home insurance market. Donelon tells LRN one bill he’s glad to see pass will offer homeowners free state financial help with hardening roofs and structures to storm-resistant standards…:

“We got substantial funding for the Fortified Homes Program that will kick off next month; giving out grants of between two and ten-thousand dollars.”

Louisiana has lost a large number of property insurance writers; mostly due to severe hurricanes that have hit the state (and those companies) pretty hard. A great many folks were forced to the state-run insurer of last resort, Louisiana Citizens (which is very costly). Donelon says lawmakers also approved additional funding for the Insure Louisiana Incentive Program…:

“…to get companies in. To relieve the pressure on Citizens, and on policyholders dependent on Citizens, for their coverage for their homes.”

Donelon says the incentive program has already brought nine new insurance companies to the state and he expects to more coming soon.

He says lawmakers passed bills to assure that executives with failed insurers could not simply move to another company and continue exploiting Louisiana. Donelon is happy to see final passage for a bill giving property owners more options when filing a damage claim…:

“We also put into law the right of policyholders to access a public adjuster for all residential claims.”

This was Donelon’s last legislative session as Insurance Commissioner. He is not seeking re-election this fall.

 

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