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Seems as if Louisiana must have the most crooked insurance agents – at least based on the number of them reported in Insurance Journal.
Perhaps Louisiana doesn’t offer Ethics for agent licensing. Many of these people don’t seem to know right from wrong or they are gambling too much at the boats and get into financial trouble.
If you read the IJ article abour auto insurance affordability by state, you will see that the average Louisiana client pays almost 7% of his income for car insurance. Maybe a lot of the money stays in the agent’s pocket???
I have to agree with Ray. While you see this happening in other states, certainly not with the frequency it happens in Louisiana. What does the Dept of Insurance do there? Just let anyone have a license. I can’t believe this is the first time these good old boys have been in trouble. No background checks on people getting licenses??
ALL states have problems with unethical agents. Louisiana simply chooses to publicize its efforts to clean up bad characters. If you don’t believe me go to your state’s insurance department and find out.
We should applaud more transparency in government, not ridicule states that report problems.
I have to agree with you Todd. But it makes me wonder, how much information are we NOT being told with any given state?
@Larry
I would assume fraud, either commited by insureds or agents would have a negitive impact on rates.