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

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…

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Private insurance companies to begin participating in Louisiana’s Citizens Property Insurance Corp

Private insurers are getting ready to start taking over Louisiana’s Citizens Property Insurance Corp. The state-run insurance agency has fared well in the past four years, experiencing periods of growth throughout 2007 and 2008. The state’s Department of Insurance is looking to “depopulate” the program, however, in an attempt to lower insurance rates for the majority of policyholders. To this end, regulators are inviting private insurance companies to begin selling policies through Citizens. Regulators believe that these policies will bring higher quality service to consumers. Part of the success behind…

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