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Citizens Property Insurance of Louisiana looking to raise rates

January 15, 2013 Marc

Citizens Insurance Louisiana homeowners insurance property

Citizens Property Insurance aims to raise rates to cover reinsurance costs Louisiana’s Citizens Property Insurance, a state-run insurance organization that accounts for the majority of the state’s homeowners insurance policies, has announced that it is raising rates statewide this year. Citizens officials note that raising rates for coverage is a last resort option and that the many challenges currently facing the organization have sparked the need for higher rates. Higher reinsurance costs are being cited as one of the primary contributors to the organization’s need for higher rates. Insurers eyes…

Louisiana joins federal network to combat fraud

May 8, 2012May 25, 2012 Marc

California Insurance company Fraud scam

Federal Financial Crimes Enforcement Network to help Louisiana fight insurance fraud Insurance fraud continues to grab headlines throughout the world of insurance news as states begin to combat the crime. Louisiana insurance officials have announced that the state has agreed to share information with the federal Treasury Department’s Financial Crimes Enforcement Network. The network was built to help states fight against insurance fraud. By participating in the network, Louisiana will have access to resources that will help regulators and law enforcement officials cut down on insurance fraud. Commissioner Donelon highlights…

Farmers to raise homeowners insurance rates in Louisiana

April 13, 2012May 28, 2012 S.Vagus

Louisiana homeowners insurance news

Farmers Insurance Exchange, a reciprocal insurance branch of the Farmers Insurance Group, is looking to raise homeowner’s insurance rates in Louisiana. The insurer has approached state regulators seeking approval for rate increases that would affect thousands of residents throughout the country. The Louisiana Department of Insurance is currently investigating the rate proposal. Regulators have not yet issued a preliminary report on whether the rate proposal seems excessive or not. The state is currently determining how the potential rate increase will affect consumers and the overall economy of Louisiana. The insurer…

Louisiana insurance regulators recover more than $5 million after receiving thousands of complaints from consumers

February 14, 2012 Nordstrom

The Louisiana Department of Insurance has announced that consumers will be eligible to receive more than $5 million in rebates from various insurance companies in the state. State regulators recovered the money after consumers filed an overwhelming number of complaints in 2011. Half of the money comes from complaints regarding life insurance and annuities benefits, while the other half comes from complaints regarding property/casualty insurers. The Department of Insurance has received approximately 3,453 complaints from consumers, down from 4,347 in 2010. Most of the complaints revolve around claims that insurers…

Louisiana insurance rebates remain unclaimed by policyholders eligible to claim the money

December 9, 2011 Marc

Louisiana Insurance Commissioner Jim Donelon says that $270 million in insurance rebates still remains unclaimed by policyholders this week. Late last month, Donelon issued a notice to policyholders explaining that they could be eligible for rebates. Thus far, however, no one has come forward looking to claim their share of the money. If the funds remain unclaimed, the state may seek to take control of the money. Such a move would only be possible if the state’s Legislature passes new laws regarding the matter. The money was recovered from property/casualty…