Louisiana Insurance Commissioner Jim Donelon announced on March 13 that Louisiana Citizens will provide an additional 30 days after United Property & Casualty Insurance Company (UPC) policies cancel on March 29 for policyholders and their insurance agents to secure coverage in the private market or bind a Citizens policy without losing coverage.
UPC policyholders who do not find a new homeowners policy before their UPC policy is canceled will be covered by Citizens for claims occurring between their cancellation date and the end of the extension period if an agent binds the Citizens policy by that date. This extension does not affect policyholders who find a new policy with an insurer other than Citizens.
Earlier last week, Commissioner Donelon announced that participating insurers will receive credit toward the Insure Louisiana Incentive Program’s grant requirements for assuming UPC policies. Credit will also be given to companies who write policies for former UPC policyholders during the 30-day period after cancellation.
UPC, a Florida insurer with about 30,000 Louisiana policies, was placed into liquidation by the Florida Office of Insurance Regulation and Florida judicial system on February 27 after its estimated losses from Hurricane Ian increased to $1.5 billion.
Source: Louisiana Department of Insurance
Topics Louisiana
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