“If a special session could be called and concluded by February 15, the LDI could distribute funds to approved companies in early March. This would give participating insurers a three-month period to access reinsurance for their increased book of policies and start writing new business compared to funding it in the regular session,” Louisiana Insurance Commissioner Jim Donelon wrote in a letter to state lawmakers. (Credit: Louisiana Governor’s Office) “If a special session could be called and concluded by February 15, the LDI could distribute funds to approved companies in early March. This would give participating insurers a three-month period to access reinsurance for their increased book of policies and start writing new business compared to funding it in the regular session,” Louisiana Insurance Commissioner Jim Donelon wrote in a letter to state lawmakers. (Credit: Louisiana Governor’s Office)

Louisiana Governor John Bel Edwards is calling for the state legislature to hold an extraordinary session with the goal of securing $45 million for the Insure Louisiana Incentive Fund, which aims to draw insurance companies into Louisiana’s beleaguered property insurance market.

The program will offer matching grants to incentivize new and existing companies to write personal and commercial policies in coastal areas, according to the Louisiana Department of Insurance (LDI, which noted reducing the policy count of Louisiana Citizens Property Insurance Corp. is also part of the program’s goals. So far, seven companies have reached out to LDI about participating.

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Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected].  

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