Clarifying the claims process is one idea lawmakers will discuss during this legislative session as a way to bring more insurers into Louisiana. Senate Insurance Chairman Kirk Talbot says they’ve been told by Lloyd’s of London, which is an insurance and reinsurance marketplace, that Louisiana’s claims process is ambiguous and unclear
“You can just clarify what the rules are. We’ll come back and we’ll start investing in reinsure and start writing again in Louisiana.”
Talbot has filed a bill that makes it more clear on when the clock starts for claims to be paid. He also wants to give insurers 60-days, instead of 30 days, for a claim to be paid after a hurricane…
“You simply can not get enough adjusters down here to properly look at every single case. If you force them to do it in 30 days, you’re going to get a warm body that someone grabbed off the street and said you’re an adjuster go do it.”
Talbot says the current system leads to more lawsuits and insurers are hesitant to do business in a litigious environment. He says the legislature can’t tell insurance companies to lower rates, they have to create a market that results in multiple companies vying for your business…
“Your agent should shop you around once a year. We need insurance companies willing to out bid other insurance companies for your business, and for my business, and for your listeners business.”
The consumer advocacy group, Real Reform Louisiana, is concerned lawmakers are trying to take away the legal rights of storm victims
