Louisiana Citizens Depopulation Portal Closed
Jun 15, 2009
On Monday, June 15, 2009, the Louisiana Citizens Property Insurance Corporation (“Citizens”) closed its Web site portal used by insurance agents to transfer policies from Citizens to private insurers.
In 2007, the Louisiana Legislature created the Insure Louisiana Incentive Program in order to encourage private insurance companies to assume policies currently covered through Citizens, which is known as the State’s “insurer of last resort.” The program authorized a $100 million fund to match grants for private insurance companies that agreed to begin writing policies in coastal areas.
In an effort to reduce property insurance assessments charged to all Louisiana residents, the State began depopulating Citizens policies back to the private insurance market in 2008. Today’s closure of the depopulation portal ends the third and final round of policy transfers through the Program.
For complete information about the Louisiana Citizens’ depopulation process, including key dates, click here.
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