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.