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.
Can you put lipstick on a pig? Well, business leaders are certainly giving it their best shot in an effort to counteract the fact that Louisiana’s outrageously expensive insurance rates make the Bayou State an environment hostile to the attraction of new businesses. But, last week, compounding the problem, new figures showed automobile rates continue to rise, along with insurance rates for every homeowner. And unfortunately, both legislators and insurance regulators are assuming a blasé attitude — “that’s just the price you have to pay for living in Louisiana.”