Louisiana insurance companies to pay $100 million for Ida losses of 2 failed insurers

Louisiana Insurance - Payout

The insurers operating within the state will be paying that amount to cover the claims from the hurricane. Louisiana insurance companies are gong to be charged at least $100 million to make the payments for the claims owed by two insurers in the state that failed in the wake of Hurricane Ida. Ultimately, the cost of paying off the insolvent insurers’ claims payments will land on the state. The Louisiana insurance companies that make the payments on behalf of the failed insurers will eventually recover the money they paid out…

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2 Louisiana home insurance companies put into receivership

Home insurance companies

Commissioner Jim Donelon said he has placed the troubled insurers into receivership. Louisiana Commissioner Jim Donelon said he has placed two home insurance companies into receivership. The companies are Access Home Insurance Co. and State National Fire Insurance Co. Donelon placed the troubled insurers into receivership in the 19th Judicial District Court. He said that the decision on behalf of the home insurance companies is an important step in the direction of the Louisiana Insurance Guaranty Association taking control over claim payments. This is meant to make certain that policyholders…

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