Louisiana Big ‘I’ Launches ‘A Landmark Opportunity’

The Independent Insurance Agents and Brokers of Louisiana (IIABL) announced the launch of a nation-wide campaign to attract insurance companies to Louisiana. The campaign kicked off with the nationwide distribution of “Louisiana: A Landmark Opportunity,” an executive summary designed to inform insurance companies about recent statutory insurance and tort reforms that make Louisiana attractive to insurers.

“We want the insurance industry to know that the insurance environment in Louisiana has dramatically improved in recent years, as a result of tremendous insurance and tort reforms designed to attract insurers back to the Bayou State,” said Jeff Albright, IIABL chief executive officer. “These reforms make ‘Louisiana: A Landmark Opportunity’ for insurers to efficiently and profitably write business.”

A few of the recent improvements in Louisiana include major speed to market reforms implemented by newly elected Insurance Commissioner Robert Wooley; the new 10 percent file and use “flex band” rating statute; and recent statutory revisions to the residual FAIR and Coastal Plans which allow insurers to pass assessments through to policyholders.

Marc Eagan, president of Eagan Insurance Agency in Metairie, serves as Chairman of the IIABL Markets Task Force. “Several years ago, we set out to change attitudes toward insurance in Louisiana. Legislators, policymakers and business leaders have learned that a healthy, competitive insurance market is good for everyone, and that means making Louisiana attractive to insurance companies.”

Albright, who lobbies for IIABL notes, “A funny thing happened on the way to the legislature—a wide variety of business associations asked what they could do to help improve the insurance market in Louisiana. The result was the Coalition to Insure Louisiana, which helped pass some of the major legislative initiatives.”

Louisiana Insurance Commissioner Robert Wooley has made attracting new insurance companies to Louisiana a top priority for his department. Commissioner Wooley, along with IIABL leaders, will attend industry meetings and visit insurance company home offices to discuss insurance opportunities in Louisiana with company executives.

Wooley has reorganized the Louisiana Department of Insurance and built a professional staff that is dedicated to helping insurance companies conduct business in the state. New approval guidelines, additional staff and streamlined processes have reduced the forms approval process to less than 30 days. The new 10 percent file and use flex-band rating system also allows insurers to adjust rates in 30 days.

“My goal is to let insurance companies know that Louisiana is open for business and is a great place to do business,” said Commissioner Wooley. “I consider myself the Chamber of Commerce for insurance companies.”

For a copy of “Louisiana: A Landmark Opportunity,” or for further information, contact IIABL CEO Jeff Albright at (225) 819-8007 or jalbright@iiabl.com.

Topics Carriers Agencies Louisiana Market