A state audit says the Louisiana Department of Insurance may have broken the law in 2006 by cutting rates for the state’s insurer of last resort to levels competitive with private insurance companies.
Legislative Auditor Steve Theriot also says the insurance department failed to comply with state audit laws by refusing to provide needed information to auditors.
Insurance Commissioner Jim Donelon says his office followed all applicable laws.
The audit released Nov. 17 was the second in two weeks to criticize Louisiana Citizens Property Insurance Corp.
State law requires its rates to be at least 10 percent above the highest rate in a given area.
Information from: The Times-Picayune, www.timespicayune.com
Topics Louisiana
Was this article valuable?
Here are more articles you may enjoy.
USI Insurance Services Claims Ex-Broker Poached Clients for Own New Agency 
Hedge Funds Are Expanding Desks Designed to Profit From Natural-Catastrophe Risk 
NY Lawmakers Agree to Governor’s Auto Insurance Reforms in New Budget 
Travelers: Vendor Issues Over Half of Wedding Insurance Claims in 2025 
