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The state's department of insurance reports that nine companies applied for more than $60 million in funding from the program.

Companies will receive credit for any UPC policies that are taken prior to the approval of incentive program applications.

The insolvent Florida-based insurer has some 200,000 policies nationwide, including 30,000 policies in Louisiana.

Policyholders with first quarter renewals are seeing significantly higher rates compared with the year prior.

United Property & Casualty has faced deep financial problems for months, including announcing in August that it would exit Florida's troubled homeowners' insurance market.

Funding for the program comes as the state faces one of its toughest home insurance markets in decades.

The state is experiencing its toughest home insurance market since hurricanes Katrina and Rita in 2005, according to Insurance Commissioner Jim Donelon.

Many stakeholders, multiple insurers, questions about coverage and liability, and lawsuits are just some of the issues surrounding complex claims.