Louisiana Division of Insurance coverage Opens Second Spherical of Incentive Program

The Louisiana Division of Insurance coverage (LDI) has opened the second spherical of the Insure Louisiana Incentive Program, which is designed to supply grants to insurers that write new insurance policies within the state.

The appliance interval started Sept. 1 and goes via Sept. 30. Roughly $13 million in grant funds is accessible throughout this software interval. The primary spherical
of functions noticed practically $42 million of the out there $45 million awarded to eight insurers.

One other $10 million was added to the remaining $3 million in the course of the current Louisiana Common Session.

Greater than 28,000 insurance policies have been written via this system, LDI mentioned. SafePoint Insurance coverage has additionally been accredited to take greater than 19,000 insurance policies out of Louisiana Residents in the course of the upcoming spherical of depopulation. The belief date for these insurance policies finally licensed by policyholders’ brokers is October 1.

The highest 5 parishes for brand spanking new insurance policies are Jefferson, Orleans, Terrebonne, St. Tammany and Lafayette.

“This program is designed to carry quick aid to residents who can’t discover a coverage or are experiencing unaffordable charges, particularly these in Louisiana Residents,” Commissioner Jim Donelon mentioned in an announcement. “Getting policyholders out of Residents is significant to Louisiana’s financial restoration, and I strongly encourage all Residents policyholders to contact their brokers and request to be notified if they’ve a possibility to seek out one other insurer within the non-public market at a decrease premium.”

This system requires that collaborating insurers meet solvency requirements which might be in step with these required by federally backed mortgage corporations. Insurers write new property insurance coverage in Louisiana with internet written premiums of no less than a ratio of $2 of premium for every $1 of the full of newly allotted property insurer capital mixed with $1 of the grant from the Incentive Program Fund.

Insurance coverage corporations which might be enthusiastic about collaborating can apply at ldi. la.gov/insurela.

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Louisiana