Louisiana Insurance Commissioner Thanks Legislature for Passing Catastrophe Reform Package to Protect Policyholders
Louisiana Insurance Commissioner Thanks Legislature for Passing Catastrophe Reform Package to Protect Policyholders
Louisiana – On October 3, 2022, Louisiana Insurance Commissioner Jim Donelon announced that he recently sent a letter to members of the Louisiana State Legislature thanking them for collaborating with the Louisiana Department of Insurance (LDI) to pass several new laws that will strengthen the state’s insurance market and improve policyholders’ claims experience.
Several initiatives to strengthen Louisiana’s insurance market were approved during the 2022 Legislative Session, thanks to a collaborative effort between the LDI and state lawmakers. This legislative package includes proposals that address current issues from recent hurricanes while also introducing safeguards to assist policyholders in the future.
“Strengthening protections for policyholders was a top priority for me during the regular session, and I appreciate that it was for the Legislature as well,” Commissioner Donelon said. “These new laws will help every policyholder and make a big difference for Louisianans, especially in the aftermath of hurricanes and other events.”
The legislative package includes new legislation that enhances the minimum capital and surplus requirements for residential property insurance firms; establishes a grant program for residents to cover the cost of rebuilding or upgrading roofs with more robust construction standards; and more.
Follow this link to read Commissioner Donelon’s letter. The letter’s two news pieces can be found here (Insurance Business) and here (Artemis).
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