Live Insurance News

Louisiana joins federal network to combat fraud

May 8, 2012May 25, 2012 Marc

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…

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

April 23, 2012May 26, 2012 S.Vagus

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.…

House committee in Louisiana approves electronic proof of auto insurance coverage

April 19, 2012April 30, 2013

Louisiana legislation approval gives the go ahead on digital proof of auto insurance coverage. The new legislation says that police must accept both the electronic and print card versions of the proof of car insurance. The House Bill 1130, which was sponsored by Rep. Greg Cromer (R-Slidell) received unanimous support from the Committee on Transportation, Highways and Public Works. This vote will send the bill along to the next stage of approval, which consists of a debate on the House floor. Chuck McMains, an insurance industry lobbyist, has stated that insurers are increasingly…

Farmers to raise homeowners insurance rates in Louisiana

April 13, 2012May 28, 2012 S.Vagus

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…

Insurance payout judgment faces another delay

March 20, 2012March 20, 2012 Julie Campbell

Louisiana Citizens Property Insurance Corp. policyholders have faced another block from a state of appeals court, which has halted their ability to collect over $100 million from the insurer’s failure to process the 2005 hurricane claims within a reasonable time frame. According to the chief executive officer at Citizens, Richard Robertson, a temporary order was issued by the 5th Circuit Court of Appeal, prohibiting the attorneys of the plaintiff from being able to perform a funds seizure from the insurance company’s accounts. There will be a later decision by the…