Insurance Journal » louisiana Citizens Property Insurance Corp. http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Sat, 25 May 2013 03:50:31 +0000 en-US hourly 1 http://wordpress.org/?v=3.5.1 Ethics Board: Senator Can’t Seek Louisiana Citizens Post http://www.insurancejournal.com/news/southcentral/2013/05/19/292578.htm Mon, 20 May 2013 03:43:37 +0000 http://www.insurancejournal.com/?p=292578 Louisiana State Sen. Dan “Blade” Morrish is barred from seeking the CEO’s job at Louisiana Citizens Property Insurance Corp. That ruling was reaffirmed on May 17 as the Louisiana Ethics Board upheld an earlier advisory opinion, reports the American Press …

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]]> House Lawmakers Shelve Louisiana Citizens Rate Review Bill http://www.insurancejournal.com/news/southcentral/2013/05/17/292251.htm Fri, 17 May 2013 05:50:53 +0000 http://www.insurancejournal.com/?p=292251 Lawmakers in the House have rejected a proposal seeking legislative review of large rate hikes for customers of Louisiana’s property insurer of last resort. The House Insurance Committee scrapped the idea in a 9-4 vote against Senate Bill 19 by …

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]]> Senate Bill Would Require Approval of Large Louisiana Citizens Rate Hikes http://www.insurancejournal.com/news/southcentral/2013/04/18/289123.htm Fri, 19 Apr 2013 02:22:47 +0000 http://www.insurancejournal.com/?p=289123 Large rate hikes for customers of Louisiana’s property insurer of last resort would require legislative approval, under a bill that received Senate Insurance Committee backing. St. Mary Parish Sen. Bret Allain sponsored the measure after residents of his parish who …

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]]> No New Plan for Dealing with Citizens’ Insurance Budget Gap http://www.insurancejournal.com/news/southcentral/2013/04/09/287570.htm Tue, 09 Apr 2013 05:06:47 +0000 http://www.insurancejournal.com/?p=287570 The governing board for Louisiana’s property insurer of last resort didn’t choose an alternate approach on April 3 to balance the company’s books after a $100 million borrowing plan stalled at the state capitol. Instead, Steve Cottrell, chief financial officer …

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]]> Louisiana Citizens Borrowing Plan Stalls in Bond Commission http://www.insurancejournal.com/news/southcentral/2013/03/25/285915.htm Mon, 25 Mar 2013 14:53:01 +0000 http://www.insurancejournal.com/?p=285915 State officials stalled a decision on whether Louisiana’s property insurer of last resort should borrow $100 million to help close an anticipated budget gap. The Bond Commission, which includes lawmakers and statewide elected officials, didn’t take any action on the …

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]]> Louisiana Commissioner Opposes $100M Citizens Insurance Borrowing Plan http://www.insurancejournal.com/news/southcentral/2013/03/21/285428.htm Thu, 21 Mar 2013 16:11:42 +0000 http://www.insurancejournal.com/?p=285428 Louisiana Insurance Commissioner Jim Donelon said it’s premature for the state property insurer of last resort to borrow $100 million to help close a budget gap, according to a letter released March 19. Donelon’s assessment came after the board for …

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]]> Louisiana Citizens Insurance Board Approves Borrowing $100M http://www.insurancejournal.com/news/southcentral/2013/03/18/285026.htm Mon, 18 Mar 2013 15:59:15 +0000 http://www.insurancejournal.com/?p=285026 Louisiana Citizens Property Insurance Corp.’s board has voted to borrow $100 million through bonds to cover a $70 million shortfall – in direct defiance of the wishes Gov. Bobby Jindal’s administration. In an email after the vote, The Advocate reports Division …

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]]> Louisiana Citizens Property Insurance Corp. CEO Retiring http://www.insurancejournal.com/news/southcentral/2013/03/14/284749.htm Thu, 14 Mar 2013 16:17:56 +0000 http://www.insurancejournal.com/?p=284749 Louisiana Citizens Property Insurance Corp. CEO Richard Robertson says he plans to retire June 1. Robertson told The Advocate he will return to Michigan. He had been general manager of Michigan Basic Property Insurance Association, Michigan’s state-backed insurer, for 20 …

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]]> Louisiana Property Owners Urged to Claim Citizens Assessment Rebate http://www.insurancejournal.com/news/southcentral/2013/02/21/282313.htm Fri, 22 Feb 2013 03:28:10 +0000 http://www.insurancejournal.com/?p=282313 Nearly two-thirds of Louisiana Citizens Property Insurance Corp. (Citizens) rebates that are available to policyholders are unclaimed, according to state Insurance Commissioner Jim Donelon. Donelon and Department of Revenue (LDR) Director of Customer Service Kent LaPlace are urging property owners …

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]]> Settlement OK’d Over Louisiana Citizens Katrina, Rita Claims http://www.insurancejournal.com/news/southcentral/2013/02/01/279702.htm Fri, 01 Feb 2013 16:07:03 +0000 http://www.insurancejournal.com/?p=279702 Louisiana Citizens Property Insurance Corp. has finalized a $20 million settlement related to claims handled after hurricanes Katrina and Rita, wrapping up one of two remaining storm-related settlements that have weighed on the company. Orleans Parish Civil District Judge Kern …

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]]> Louisiana Citizens Insurance Proposes 7.7% Rate Hike http://www.insurancejournal.com/news/southcentral/2013/01/14/277277.htm Mon, 14 Jan 2013 06:09:52 +0000 http://www.insurancejournal.com/?p=277277 Louisiana’s property insurer of last resort has proposed raising homeowner’s rates an average of 7.7 percent statewide this year. The Advocate reports the Louisiana Citizens Property Insurance Corp.’s board said that the rate increase is being driven in part by …

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]]> Louisiana Last Resort Insurer Weighing Options to Close Budget Gap http://www.insurancejournal.com/news/southcentral/2012/12/13/273873.htm Thu, 13 Dec 2012 17:05:34 +0000 http://www.insurancejournal.com/?p=273873 Louisiana’s state-run property insurer of last resort is considering ways to close its multimillion-dollar budget gap, and either option would lead to increased costs to homeowners covered by traditional insurance companies. Steve Cottrell, chief financial officer for the Louisiana Citizens …

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]]> Deadline Nears to Claim 2008 Louisiana Citizens Assessment Rebate http://www.insurancejournal.com/news/southcentral/2012/12/10/273382.htm Mon, 10 Dec 2012 17:48:27 +0000 http://www.insurancejournal.com/?p=273382 Louisiana Insurance Commissioner Jim Donelon and Department of Revenue (LDR) Director of Customer Service Kent LaPlace are reminding property insurance policyholders that time is running out to claim a rebate for the Louisiana Citizens Property Insurance Corporation (Citizens) Assessment charged …

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]]> Louisiana Citizens Releases Nearly 7K Homeowners Policies http://www.insurancejournal.com/news/southcentral/2012/11/20/271227.htm Tue, 20 Nov 2012 17:04:43 +0000 http://www.insurancejournal.com/?p=271227 Louisiana Insurance Commissioner Jim Donelon announced that Louisiana Citizens Property Insurance Corp. (Citizens) has completed a sixth round of depopulation with 6,877 residential (personal lines) policies being transferred to the private insurance market With the recent depopulation efforts, Citizens policy …

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]]> Louisiana Citizens Considering Commercial Property Rate Increase http://www.insurancejournal.com/news/southcentral/2012/11/07/269776.htm Wed, 07 Nov 2012 16:02:50 +0000 http://www.insurancejournal.com/?p=269776 Louisiana Citizens Property Insurance Corp.’s board is expected to approve increasing its commercial coverage rates by an average of 45.1 percent statewide this week. Almost all of Citizens’ roughly 5,700 commercial property policies are in the New Orleans area and …

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]]> Louisiana AG: Citizens Insurance Hikes Legal http://www.insurancejournal.com/news/southcentral/2012/10/29/268398.htm Tue, 30 Oct 2012 03:02:54 +0000 http://www.insurancejournal.com/?p=268398 Significant rate increases for state-sponsored wind and hail property insurance policies that Citizens Property Insurance Corp. approved earlier this year were legal, according to an opinion by the state’s attorney general. Attorney General James “Buddy” Caldwell issued an opinion on …

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]]> Louisiana Supreme Court Reduces Insurer Citizens’ Late Payment Penalty http://www.insurancejournal.com/news/southcentral/2012/10/19/267150.htm Fri, 19 Oct 2012 05:44:16 +0000 Stephanie K. Jones http://www.insurancejournal.com/?p=267150 The Louisiana Supreme Court has relieved the state’s property insurer of last resort of the burden of paying a $125,000 penalty for late payment of a claim settlement stemming from Hurricane Gustav in 2008. Instead, Louisiana Citizens Property Insurance Corp. …

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]]> Louisiana Citizens: More Than 17K Claims from Hurricane Isaac, 85% Settled http://www.insurancejournal.com/news/southcentral/2012/10/15/266658.htm Mon, 15 Oct 2012 15:57:53 +0000 http://www.insurancejournal.com/?p=266658 Louisiana Citizens Property Insurance Corp. reported it has received 17,059 claims from Hurricane Isaac. Ninety-seven percent of those claims have been inspected by company adjusters and 85 percent have been settled. Loss payments through the second week of October totaled …

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]]> Louisiana Citizens: More than 13,000 Claims from Isaac so Far http://www.insurancejournal.com/news/southcentral/2012/09/17/263242.htm Mon, 17 Sep 2012 15:39:44 +0000 http://www.insurancejournal.com/?p=263242 Louisiana’s property insurer of last resort says Hurricane Isaac has resulted in over 13,000 claims and they expect more to come. Vice President and Chief Claims Officer of Louisiana Citizens Property Insurance Corp. Quin Netzel said most claims average a …

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]]> Louisiana Citizens Pays $61M to Settle Katrina, Rita Claims http://www.insurancejournal.com/news/southcentral/2012/09/17/263238.htm Mon, 17 Sep 2012 15:37:49 +0000 http://www.insurancejournal.com/?p=263238 Louisiana’s insurance company of last resort agreed on Sept. 13 to settle two remaining class-action lawsuits tied to claims handled after Hurricanes Katrina and Rita. The board for the Louisiana Citizens Property Insurance Corp. voted unanimously to settle the long-running …

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]]> Louisiana Citizens Seeking to Settle Hurricane Lawsuits http://www.insurancejournal.com/news/southcentral/2012/08/13/259096.htm Mon, 13 Aug 2012 16:35:21 +0000 http://www.insurancejournal.com/?p=259096 Louisiana’s property insurer of last resort is trying to negotiate settlements on two remaining class action lawsuits tied to the company’s handling of claims after hurricanes Katrina and Rita. The board for the Louisiana Citizens Property Insurance Corp. has voted …

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]]> Louisiana Citizens Pays $104M Award Over Slow Storm Claims http://www.insurancejournal.com/news/southcentral/2012/07/24/257018.htm Wed, 25 Jul 2012 02:53:23 +0000 http://www.insurancejournal.com/?p=257018 Louisiana’s property insurer of last resort has paid a $104 million judgment in a case involving more than 18,500 policyholders who sued over slow adjustment of claims after hurricanes Katrina and Rita struck in 2005. Plaintiffs’ attorney Fred Herman said …

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]]> Louisiana Citizens Sets Annual Katrina-Rita Bond Assessment http://www.insurancejournal.com/news/southcentral/2012/07/16/255703.htm Mon, 16 Jul 2012 05:17:43 +0000 http://www.insurancejournal.com/?p=255703 Homeowners insured by traditional insurance companies will pay $54 on average next year on their insurance policies to cover bond payments being made by state-backed Louisiana Citizens Property Insurance Corp., which had to borrow nearly $1 billion to pay claims …

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]]> Louisiana Citizens Board Agrees to Retroactive 10% Rate Cut http://www.insurancejournal.com/news/southcentral/2012/07/02/254094.htm Mon, 02 Jul 2012 15:22:25 +0000 Melinda Deslatte http://www.insurancejournal.com/?p=254094 The board governing Louisiana’s property insurer of last resort has agreed to drop rates by 10 percent across a dozen south Louisiana parishes retroactive to June 7, when the reduction was signed into law. The $16 million annual rate cut …

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]]> U.S. Supreme Court Refuses to Review Louisiana Citizens’ Case http://www.insurancejournal.com/news/southcentral/2012/06/28/253470.htm Thu, 28 Jun 2012 15:37:03 +0000 http://www.insurancejournal.com/?p=253470 The nation’s highest court won’t review rulings that require Louisiana’s property insurer of last resort to pay an estimated $110 million to individuals whose claims were not timely addressed after Hurricanes Katrina and Rita. The June 25 U.S. Supreme Court …

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]]> Louisiana Lawmakers Lower Costs for Citizens Customers Along Coast http://www.insurancejournal.com/news/southcentral/2012/06/07/250491.htm Thu, 07 Jun 2012 16:29:48 +0000 Melinda Deslatte http://www.insurancejournal.com/?p=250491 A last-minute provision added to legislation headed to the governor’s desk will give some relief to coastal property owners who get insurance through Louisiana’s state-run insurer of last resort. The compromise language was devised by lawmakers seeking to lessen the …

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]]> 58% Wind Rate Boost by Louisiana’s Last Resort Insurer http://www.insurancejournal.com/news/southcentral/2012/05/28/249082.htm Tue, 29 May 2012 03:00:09 +0000 http://www.insurancejournal.com/?p=249082 Louisiana Citizens Property Insurance Corp. plans an average rate increase for wind-only policies of 58 percent, sparking an argument among top state officials on whether the increase is legal. The Advocate reports that the large increase follows a May 23 …

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]]> Louisiana Citizens Approved for $75M Line of Credit http://www.insurancejournal.com/news/southcentral/2012/05/18/248175.htm Fri, 18 May 2012 16:34:42 +0000 Melinda Deslatte http://www.insurancejournal.com/?p=248175 Louisiana’s property insurer of last resort has gotten permission to secure a $75 million cash line of credit in case a hurricane damages the state. The Louisiana Citizens Property Insurance Corp. has enough money set aside to cover a $110 …

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]]> Louisiana Citizens Personal Lines Rates Changes Effective June 1 http://www.insurancejournal.com/news/southcentral/2012/05/10/247019.htm Thu, 10 May 2012 05:59:04 +0000 http://www.insurancejournal.com/?p=247019 The Louisiana Department of Insurance has approved changes to the property insurance rate levels for personal lines policies written by Louisiana Citizens Property Insurance Corp. The approved rate changes are applicable to all new business and renewal policies effective June …

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]]> Louisiana Citizens Asks U.S. High Court to Hear Claims Suit Appeal http://www.insurancejournal.com/news/southcentral/2012/04/20/244340.htm Fri, 20 Apr 2012 15:12:37 +0000 Alan Sayre http://www.insurancejournal.com/?p=244340 Louisiana’s property insurer of last resort has asked the nation’s highest court to hear an appeal of a $104.6 million award to 18,500 policyholders who sued over slow adjustment of hurricane claims in 2005. The action by Louisiana Citizens Property …

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