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Insurance Relief Bill Nears Final Approval In Louisiana

 Friday, February 3, 2023

 The New Orleans Advocate

A bill aimed at propping up Louisiana’s flailing homeowners insurance market neared final approval Thursday after the Senate Finance Committee backed it.

The House-passed proposal would put $45 million into a state incentive fund to lure more insurance companies to Louisiana after several firms either failed or fled the state following multiple hurricanes in 2020 and 2021.

The legislation cleared the Senate Finance Committee without objection, setting up a vote in the full Senate at 12:30 p.m. Friday.

However, the committee stripped three amendments from the House version, meaning the amended House Bill 1 will have to return to the House for concurrence if it clears the Senate, and controversy could arise over the changes.

The push behind House Bill 1 is aimed at trimming the rolls of the Louisiana Citizens Property Insurance Corp., the state-run insurer of last resort for homeowners and businesses and one that has to charge 10% above the marketplace.