Tag: Louisiana Citizens Property Insurance Corp

Louisiana Insurance Commissioner Jim Donelon won’t seek a 5th term

G. Turner
Insurance Commissioner - No Vote

In the midst of a property coverage crisis, he has stated that he won’t be running again. While Louisiana continues to scramble to keep on top of a property coverage crisis, Insurance Commissioner Jim Donelon has announced that he does not intend to seek re-election to a fifth term in the fall. This announcement is likely to generate greater interest in what will already be a heated race. The unexpected announcement arrived in the midst of Donelon’s efforts to keep Louisiana out of a potential property insurance market collapse. Since…

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Insurance payout judgment faces another delay

Julie Campbell

Louisiana Citizens Property Insurance Corp. policyholders have faced another block from a state of appeals court, which has halted their ability to collect over $100 million from the insurer’s failure to process the 2005 hurricane claims within a reasonable time frame. According to the chief executive officer at Citizens, Richard Robertson, a temporary order was issued by the 5th Circuit Court of Appeal, prohibiting the attorneys of the plaintiff from being able to perform a funds seizure from the insurance company’s accounts. There will be a later decision by the…

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Citizens Property Insurance board places $102.8 million settlement on the table

Nordstrom

The board of directors from the Louisiana Citizens Property Insurance Corp. has offered a settlement worth $102.8 million to the 25,000 policyholders in the state, who have been arguing that the agency took too long in their claims adjustment process following 2005’s Hurricanes Katrina and Rita. The offer was made following the board’s 12-0 vote at a public meeting, following a 2 and a half hour discussion that addressed the litigation. The settlement included an offer to pay $92.8 million to the 18,563 people who took part in the Geraldine…

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