Louisiana Opens Insurer Application Period for Incentive Program

Louisiana Insurance Commissioner Jim Donelon announced that the 30-day application period for insurance companies to apply for Insure Louisiana Incentive Program funding is now open. Insurance companies that are interested in participating can learn more and apply at ldi.la.gov/insurela.

The Incentive Program will offer matching grants to incentivize new and existing insurance companies to write residential and commercial policies in coastal areas, including writing policies out of Citizens. Ten insurance companies have expressed interest in the program to date.

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The participating insurance companies must meet solvency standards that are in line with standards required by the federally backed mortgage companies. The insurers will be also subject to enhanced solvency monitoring including, but not limited to, newly increased capital and surplus requirements, monthly reporting and in-depth reinsurance program reviews.

The original Insure Louisiana Incentive Program was vital to the successful recovery of our property insurance market after hurricanes Katrina and Rita in 2005. The program was recreated during the 2022 Legislative Session, and the legislature overwhelmingly passed $45 million in funding for the program during a special session last week.

Source: Louisiana Dept. of Insurance