Recap – Hearing On The Insure Louisiana Incentive Program

 

On October 29, 2007, a member of this Firm attended the public hearing held by the Louisiana Department of Insurance (“Department”) regarding the Insure Louisiana Incentive Program (“Program”).  This Program will grant matching funds through cooperative endeavor agreements to qualified property insurance companies in an effort to attract new insurers to Louisiana.  The public hearing was held to accept comments on the proposed regulation to implement the Program.

To date, the Department has received one (1) grant application, and it anticipates receiving a few more before the November 1, 2007 deadline.  Both domestic and foreign insurers are applying to the Program. 

Further, a representative of the Department confirmed that a Demotech “A” rating would be acceptable for applicants to the Program; however, the Department’s acceptance of the Demotech rating is currently limited to the Program only.

 

 

The foregoing is a brief summary of the hearing and is not intended to be a comprehensive review of the Program or its requirements.  Should you have any questions, please feel free to contact this office.