Tag: Insurance Commissioner Tim Temple

Insurance News – Stormy Debate Surrounds Louisiana’s State Reinsurance Proposal

Tate Ellison
Louisiana's Proposed State Reinsurance Program

Industry Pushes Back Against Louisiana’s Proposed State Reinsurance Program A new Louisiana bill aiming to establish a state-backed catastrophe reinsurance program is sparking heated debate between lawmakers and industry leaders. Proponents believe the fund, supported by state-issued bonds, could stabilize the state’s fragile insurance market amidst escalating climate risks. Critics, however, argue it might backfire, shifting costs rather than solving the deeper issues. The proposed program would serve as a financial safety net for insurers, designed to absorb some of the catastrophic losses from hurricanes and other disasters. Advocates point…

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Louisiana’s Bold Repeal Sets Stage for Insurance Market Overhaul

Marc
Insurance Market - Louisiana - Home - Repeal

In a decisive move, the Louisiana Legislature repealed a longstanding law on Monday, signaling significant changes for homeowner insurance policies across the state. The decision, part of Insurance Commissioner Tim Temple’s ambitious agenda, aims to introduce more competition in the insurance market, potentially providing Louisiana homeowners with options for lower premiums. House Bill 611, pushed by Rep. Gabe Firment, R-Pollock, garnered final approval and now awaits the signature of Gov. Jeff Landry. This bill notably targets Louisiana’s unique three-year rule prohibiting insurers from altering deductibles or discontinuing homeowner policies that…

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