NEW ORLEANS (WVUE) – A bill to fund incentives for insurance companies cleared a major hurdle in the legislature on Wednesday (Feb.1).
After hours of questioning Insurance Commissioner Jim Donelon, the House voted 90 to 8 in favor of House Bill 1, which places $45 million into an incentive fund to help attract insurers to Louisiana.
Eight insurers failed financially after the 2020, and 2021 hurricanes in Louisiana and some others stopped writing wind and hail policies causing Louisiana Citizens, the states insurer of last resort, to inherit 125,000 policies.
Donelon thinks the incentive funds will entice more insurers to write coverage in the state.
It will incentivize companies to come write business in our state in hard-to-write area…
Read the full article at: https://www.kplctv.com/2023/02/02/la-house-approves-incentive-fund-dollars-insurers/