Louisiana’s business voice, LABI, as well as the Louisiana Insurance Department each took a huge hit in the waning days of the recent legislative session. LABI, with the full support of Insurance Commissioner Jim Donelon, pegged legislation to supposedly reduce insurance rates in the state as the most important proposed legislation of the session.
Commissioner of Insurance Jim Donelon announced today his decision to approve a recent request for a -8.3% net decrease in rates for commercial property policies issued by Louisiana Citizens Property Insurance Corporation.
On Tuesday, August 21, the Louisiana High Auto Rates Task Force held its first meeting at the Department of Insurance. The newly appointed task force was formed to look into high auto insurance rates in the State of Louisiana and make recommendations to the legislature for actions to lower rates. The 2018 Regular Session of the Louisiana Legislature passed a House Concurrent Resolution (HCR 47) and Senate Concurrent Resolution (SCR 55) urging and requesting the Louisiana Department of Insurance to assemble a task force to address the high cost of auto insurance during the 2018 Regular Session.