NEW ORLEANS (WVUE) – Louisiana’s Insurance Commissioner said reforms passed during this year’s legislative session are shifting the insurance industry’s perspective of Louisiana and vowed to expand the state’s fortified roof program next year.
Commissioner Tim Temple said reforms, which were at times unpopular, are helping to shift the perspective of Louisiana in the insurance industry and, currently, three different insurance companies have applications filed to begin writing policies in the state.
“We’re being hit from all over. It’s the worst insurance industry our state, our citizens have experienced I think in forever,” Temple told a packed crowd in Jefferson Parish Wednesday night. “We didn’t get into this crisis overnight and we’re not going to get out of this crisis overnight. It’s going to take time.”
In the town hall, Temple said he couldn’t give a time frame on new companies entering the state’s insurance marketplace because he said he wants to give each company the due diligence necessary.
“I want to make sure the companies that come to Louisiana are solid, quality companies that have every intention of being here long term,” he told Fox 8. “Insurance companies don’t have to do business here. We need to make sure we’re mindful of that, we look at the regulations, we look at the legal environment.”
He noted three major reforms passed this year, including modification of the three-year rule which required insurance companies that insured homes for three years to continue insuring them in perpetuity.
“The insurance industry is responding positively,” Temple said. “We have companies that have filed applications to come and start writing your property, your home.”
But much of the evening was spent discussing the state’s new fortified roof program, or fortify homes program, which gives out grants to homeowners who pay to have their roof upgraded in exchange for discounted rates.
The program, which is only a year old, has led to 1,500 roofs being fortified across Louisiana, Temple said.
“I want as many fortified roofs on homes in Louisiana as we can get,” he said.
Next year, he plans to ask the legislature for the establishment of a permanent funding source to continue the grant program, rather than having to ask the legislature every year.
He said the funding would come from a combination of licensing fees and premium taxes already paid.
Temple said he’s also pushing for the state to expand its program to include fortified windows and doors.
“Last year, the state of Louisiana did a good job of kicking the program off with the fortified roof program, the bronze program. But in order for citizens to get the biggest discounts out there, they need to have the fortified silver and gold,” he said.
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