LOUISIANA INSURERS FACE $100M ASSESSMENT FOR LOCAL INSOLVENCIES

The Louisiana Insurance Guaranty Association (Liga) voted last week to assess admitted insurers around $100m to cover the cost of the hurricane-driven insolvencies of two local carriers. The vote came two weeks after the state’s 19th Judicial District Court, at the request of the state insurance commissioner, ordered the two companies – Access Home Insurance and State National Fire Insurance – into receivership. The insurance commissioner’s office has been monitoring the financial health of local insurers in the wake of hurricanes Laura, Delta and Zeta in 2020 and Hurricane Ida this year.