BATON ROUGE, La. (AP) - A business organization has fired the first salvo in what is shaping to be the biggest battle for lawmakers in the coming year. How to reform the way property insurance is bought and sold in this state.
Officials of the Coalition to Insure Louisiana say the coming debate over insurance reform should be framed to make the state more attractive to more insurance companies.
They argue that more companies mean more competition and that competition drives down prices.
To those ends the group of 31 trade associations linked to the real estate development industry proposed 15 changes to the state’s regulatory scheme.
The coalition’s package is the first — but is not expected to be the last — proposal addressing the problems of property insurance.
Those policies protect property investments, such as homes, from damage caused by events, such as storms. Without the property insurance, banks can’t loan money to buy houses and businesses.
Reacting to widespread post-hurricanes anger, several lawmakers are putting together proposals to fix the high cost and low availability of property insurance.
Senator Julie Quinn is convening a task force at the State Capitol tomorrow to take testimony from consumers and businessmen who sell, buy and underwrite policies that protect property. Her goal also is to develop reform legislation.
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