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Officials give update on Louisiana insurance crisis
By Ariel SalkMichael Scheidt,
BATON ROUGE, La. (BRPROUD) – Officials gave updates about the Insure Louisiana Incentive Program Tuesday morning.
Insurance Commissioner Jim Donelon said $45 million in funding for the Insure Louisiana Incentive Program was passed during last month’s special session. He confirmed that the application period for the first round of the incentive program closed on Friday, March 10.
“For each dollar that an insurance company receives through that program they must match that grant dollar for dollar and then write four times four dollars in new premium,” said Donelon.
The round-one application period was a success, according to Donelon.
“The insurers collectively asked for a total of $62 million in grant money,” said Donelon.
A list of the insurance companies that have applied for grant funding:
Safe Point Insurance Company requested $10 million
Constitution Insurance Company requested $10 million
Applied Underwriters requested $10 million
Sure Choice Underwriters Reciprocal Exchange requested $10 million
Cajun Underwriters Reciprocal Exchange requested $5 million
Elevate Reciprocal Exchange requested $5 million
Allied Trust Insurance Company requested $6.5 million
Gulf States Insurance Company requested $3.6 million