BATON ROUGE The House on Wednesday approved bills to spend up to $45 million to encourage insurance companies to return to the state and to prevent firms that went bankrupt or were declared insolvent from using the money.
The House Appropriations Committee approved the two bills Tuesday before sending them to the House, where representatives questioned state Insurance Commissioner Jim Donelon about the details of the program.
The funds would be used to reduce the financial risk for insurance companies that resumed writing home and other property insurance policies in the state.
Donelon emphasized the urgency of the program for the 125,000 residents covered by the states insurer of last resort, the Louisiana Citizens Property Insurance…
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