A LANDMARK OPPORTUNITY:

The Independent Insurance Agents and Brokers of Louisiana (IIABL) has launched its nation-wide campaign to attract insurers to Louisiana, kicking it off with the distribution of “Louisiana: A Landmark Opportunity,” an executive summary designed to inform insurance companies about recent statutory insurance and tort reforms that make Louisiana attractive to insurers. “We want the insurance industry to know that the insurance environment in Louisiana has dramatically improved in recent years, as a result of tremendous insurance and tort reforms designed to attract insurers back to the Bayou State,” Jeff Albright, IIABL chief executive officer, said. A few of the recent improvements in Louisiana include major speed to market reforms implemented by newly elected Insurance Commissioner Robert Wooley; the new 10 percent file and use “flex band” rating statute; and recent statutory revisions to the residual FAIR and Coastal Plans which allow insurers to pass assessments through to policyholders. New approval guidelines, additional staff and streamlined processes have reduced the forms approval process to less than 30 days. The new 10 percent file and use flex-band rating system also allows insurers to adjust rates in 30 days. Marc Eagan, president of Eagan Insurance Agency in Metairie, serves as chairman of the IIABL Markets Task Force. “Several years ago, we set out to change attitudes toward insurance in Louisiana,” Eagan said. “Legislators, policymakers and business leaders have learned that a healthy, competitive insurance market is good for everyone, and that means making Louisiana attractive to insurance companies.” Albright, who lobbies for IIABL noted that, “a wide variety of business associations asked what they could do to help improve the insurance market in Louisiana. The result was the Coalition to Insure Louisiana, which helped pass some of the major legislative initiatives.” The IIABL acknowledged that Commissioner Wooley has made attracting new insurance companies to Louisiana a top priority, adding that he has reorganized the Louisiana Department of Insurance and built a professional staff dedicated to helping insurance companies conduct business in the state. For a copy of “Louisiana: A Landmark Opportunity,” or for further information, contact IIABL CEO Jeff Albright at (225) 819-8007 or jalbright@iiabl.com.