Update: Six Companies Apply To The Insure Louisiana Incentive Program

 

As of November 6, 2007, the following six (6) insurance companies have applied for grant money under the Insure Louisiana Incentive Program:

 

• Occidental Fire & Casualty of North Carolina

• Companion Property & Casualty Insurance Company

• ASI Lloyds

• Imperial Fire & Casualty Insurance Company

• Bankers Insurance Group

• Southern Fidelity Insurance Company

 

These companies have requested a total of $34 million in grant money of the $100 million in grants available for the Program.  Occidental, Companion, Imperial and Bankers already have existing Certificates of Authority to transact insurance business in Louisiana, while ASI Lloyds and Southern Fidelity have filed new applications and are pending approval. 

The Louisiana Department of Insurance will be forwarding the applications of the companies that qualify for the Program to the Louisiana Joint Legislative Committee on the Budget, which will review and approve the applications in December.  Thereafter, it is anticipated that monies will be disbursed in January.

A second invitation for grant applications is expected to be issued early next year.

 

Click here to view the press release recently issued by the Louisiana Department of Insurance.

Click here to view an article published today in The Advocate.

 

As always, we will provide updates as new developments emerge.

 

 

 

Should you have any questions or comments regarding this information, please feel free to contact this office.