Louisiana Lawmakers OK Measure For Emergency Insurance Issuance

DeSue, Tedra
June 2003
Bond Buyer;6/25/2003, Vol. 344 Issue 31664, p5
Trade Publication
The Louisiana Legislature adjourned June 23, 2003, and one of the debt-related bills passed during the session is expected to allow tax-exempt bonds to be issued to pay insurance claims filed by homeowners victimized by catastrophic storms. Passed last week, the bill calls for the creation of the Louisiana Citizens Property Insurance Corp. It will operate and manage the state's two main insurance plans called FAIR and Coastal, which provide coverage to high-risk property owners. The bill's sponsor, Representative Dan Morrish, said the bill has several purposes, with the main one being to improve the affordability and availability of insurance in the state. Louisiana's legislation is modeled after a law passed in Florida last year that merged two state-operated insurance providers into one tax-exempt entity.


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