The Louisiana Insurance Commissioner will not seek re-election.
Jim Donelon made the announcement Thursday during a press conference on the state's insurance incentive program.
The 78-year-old Donelon has served as Insurance Commissioner since 2006 and was re-elected to the position four times.
Donelon said that nine companies have applied to be part of the Insure Louisiana Incentive Program.
In all, the requests for grants total over $62 million, more than the $45 million currently allocated to the program.
“The application period was more than successful, and approved companies will soon begin offering competitively priced options to Louisiana home and business owners,” said Commissioner Donelon. “Along with several legislative proposals we will introduce to strengthen the market during Regular Session, these insurers will demonstrate to the wider industry that Louisiana is a viable destination to do business on a go-forward basis.”
LDI identified the companies and the amounts requested as:
- 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
LDI could present its recommendations to the Joint Legislative Committee on the Budget as soon as Friday.
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