Insurance news from Louisiana includes loss of Farmers

Louisiana homeowners insurance news

The insurer is withdrawing its coverage from the state, dropping all of the lines of business under its own name. A company spokesperson from Farmers has made insurance news by announcing that the insurer would be dropping its homeowners and its auto policies within Louisiana, making a complete exit from the state under its name. That said, it will still be retaining the policies that it has sold under the names of its three other brands. The insurance news being made by Farmers involves dropping the lines of business that…

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Louisiana Citizens Insurance awarded temporary court order concerning $105 million in assets

health insurance lawsuit

Citizens wins court order in long-standing legal battle with policyholders Louisiana’s Citizens Property Insurance, a state-run provider of insurance coverage for homeowners, has won a temporary court order that allows it to retain $105 million in assets that would have gone to policyholders. These policyholders are accusing the company of being late on adjusting claims relating to 2005’s Hurricanes Rita and Katrina. Citizens has long argued that adjustments were made appropriately, but this stance did not win the company favor with previous judgments that required the company to pay policyholders.…

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Coalition for Competitive Insurance Rates oppose new laws for foreign reinsurance companies

Two laws currently before Congress have found opposition from the Coalition for Competitive Insurance Rates, a group of businesses and consumers that rely on low rates stemming from competition in the national insurance market. The legislations in question are H.R. 3157 and S.B. 1693. Both laws impose greater taxes on foreign insurance and reinsurance companies that wish to do business within U.S. borders. The Coalition fears that this will dissuade foreign companies from entering the market, thereby reducing competition and raising insurance prices. Currently, the majority of the reinsurance needed…

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