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Louisiana insurance coverage commissioner to step down

Louisiana insurance coverage commissioner to step down

Donelon stated he hoped the transfer would “take away politics from the vitally essential upcoming legislative session, the place many vital points that take care of the way forward for our state’s property insurance coverage market will probably be debated and hopefully determined to enhance that market.”

He was first named insurance coverage commissioner in February 2006 and has since been re-elected for 4 full phrases. The exiting commissioner was elected as Nationwide Affiliation of Insurance coverage Commissioners (NAIC) president in 2013, and is the chairman of the NAIC’s Surplus Traces Taskforce and is on the affiliation’s govt committee.

Donelon was first elected to public workplace in 1975 when he was appointed chairman of the Jefferson Parish Council, in response to the Louisiana Division of Insurance coverage.

Louisiana incentive plan replace

The insurance coverage commissioner revealed the information of his impending departure as he gave an replace on the state’s incentive plan, supposed to help an inflow of capability into the Pelican State, which has been grappling with an ailing property market and an assault of insurer exits.

Most lately, UPC Insurance coverage’s insolvency within the wake of Hurricane Ian left tens of hundreds of policyholders needing to be rehomed, with fears that the stress would intensify on insurer of final resort Residents.

9 insurers have utilized to Louisiana’s program, Donelon stated, searching for a complete of $62 million in grants.

Florida insurance coverage commissioner confirmed

Earlier this week, it was confirmed that Michael Yaworsky would proceed within the position of Florida Insurance coverage Commissioner. Yaworsky had been within the position on an interim foundation since February following the exit of former Florida Insurance coverage Commissioner David Altmaier, who has since been named to Aspen’s board.