How will Insure Louisiana get $17 million for applicants?

Insurance documents stock photo.
Photo credit Getty Images

As of this week, nine companies have applied to be part of the Insure Louisiana Incentive Program, requesting $62 million in grant funding – more than the $45 million budgeted for the program.

How will it get sorted out? Insurance Commissioner Jim Donelon joined WWL’s Tommy Tucker to explain.

“Ultimately, we will go with a special appropriate supplemental appropriation bill at the beginning of the session next month to get the additional funding necessary to accommodate all of the companies that want to come write these policies in our state,” Donelon told Tucker.

According to a press release, the nine companies are:

Allied Trust Insurance Company - $6.5 million

Applied Underwriters - $10 million

Cajun Underwriters Reciprocal Exchange (CURE) - $5 million

Constitution Insurance Company - $10 million

Elevate Reciprocal Exchange - $5 million

Gulf States Insurance Company - $3.6 million

SafePoint Insurance Company - $10 million

SafePort Insurance Company - $2 million

SureChoice Underwriters Reciprocal Exchange (SURE) - $10 million

These companies are expected to begin writing next month.

Listen here to learn more – including Donelon’s response to a question hundreds of callers have asked an insurance agent.

Featured Image Photo Credit: Getty Images