Live Insurance News

Louisiana joins federal network to combat fraud

May 8, 2012May 25, 2012 Marc

Federal Financial Crimes Enforcement Network to help Louisiana fight insurance fraud Insurance fraud continues to grab headlines throughout the world of insurance news as states begin to combat the crime. Louisiana insurance officials have announced that the state has agreed to share information with the federal Treasury Department’s Financial Crimes Enforcement Network. The network was built to help states fight against insurance fraud. By participating in the network, Louisiana will have access to resources that will help regulators and law enforcement officials cut down on insurance fraud. Commissioner Donelon highlights…

Insurance payout judgment faces another delay

March 20, 2012March 20, 2012 Julie Campbell

Louisiana Citizens Property Insurance Corp. policyholders have faced another block from a state of appeals court, which has halted their ability to collect over $100 million from the insurer’s failure to process the 2005 hurricane claims within a reasonable time frame. According to the chief executive officer at Citizens, Richard Robertson, a temporary order was issued by the 5th Circuit Court of Appeal, prohibiting the attorneys of the plaintiff from being able to perform a funds seizure from the insurance company’s accounts. There will be a later decision by the…

Citizens Property Insurance board places $102.8 million settlement on the table

February 24, 2012February 24, 2012 Nordstrom

The board of directors from the Louisiana Citizens Property Insurance Corp. has offered a settlement worth $102.8 million to the 25,000 policyholders in the state, who have been arguing that the agency took too long in their claims adjustment process following 2005’s Hurricanes Katrina and Rita. The offer was made following the board’s 12-0 vote at a public meeting, following a 2 and a half hour discussion that addressed the litigation. The settlement included an offer to pay $92.8 million to the 18,563 people who took part in the Geraldine…

Louisiana Supreme Court reinstates suit against states Citizens Property Insurance group

December 21, 2011December 21, 2011 Marc

The Louisiana Supreme Court has voted to reinstate a $92.8 million suit against the state’s Citizens Property Insurance Corp. this week. The suit originated in early 2006 and claims that the state-run insurance organization was intentionally slow in adjusting insurance claims resulting from Hurricanes Katrina and Rita. The 24th Judicial District Court had awarded some 18,000 homeowners with roughly $5,000 after hearing the case. The action, however, violated state law and put the suit on hold for some time. The ruling has found a staunch enemy in the state’s Insurance…

Higher insurance and reinsurance prices may be linked to new RMS catastrophe model

December 19, 2011 Marc

State Farm customers in northeastern Louisiana may soon be paying more for their homeowners insurance as the company looks to state regulators for approval of a rate increase of 19.5%. The insurer claims that higher rates are the result of recent fires, tornados and other natural disasters occurring in the state. Insurance Commissioner Jim Donelon says that he has never before experienced such a steep increase in insurance rates, especially in the northern part of the states that are not often subject to such rate increases. The rate at which…

Louisiana insurance rebates remain unclaimed by policyholders eligible to claim the money

December 9, 2011 Marc

Louisiana Insurance Commissioner Jim Donelon says that $270 million in insurance rebates still remains unclaimed by policyholders this week. Late last month, Donelon issued a notice to policyholders explaining that they could be eligible for rebates. Thus far, however, no one has come forward looking to claim their share of the money. If the funds remain unclaimed, the state may seek to take control of the money. Such a move would only be possible if the state’s Legislature passes new laws regarding the matter. The money was recovered from property/casualty…

Federal officials ready to debate health insurance rate increase of 10% or more

July 14, 2011May 14, 2013

U.S. officials are getting ready to debate whether or not increases in the rates for health insurance of 10 percent or more were excessive within seven states which have rate review processes that have been labeled ineffective. The rate review systems for Louisiana, Alabama, Montana, Arizona, Wyoming, Idaho, Missouri, as well as four territories have been deemed to be insufficient by the Center for Consumer Information and Insurance Oversight (CCIIO). The CCIIO is a branch of the Centers for Medicare and Medicaid Services. According to the CCIIO, federal officials, under…