FOR IMMEDIATE RELEASE 

May 1, 2023

Round Two of Insurer Application Period Now Open
for Insure Louisiana Incentive Program

Insurance Commissioner Jim Donelon announced today that the second 30-day application period for insurance companies to apply for Insure Louisiana Incentive Program funding is open through May 25. The program is designed to offer grants to insurers to write new policies in Louisiana. Insurance companies that are interested in participating can learn more and apply at ldi.la.gov/insurela.

“The Insure Louisiana Incentive Program is designed to offer immediate relief to consumers experiencing unaffordable rates for homeowners insurance, especially those in Louisiana Citizens,” said Donelon. “To make sure they are receiving quotes from all eight companies already participating, consumers should contact multiple agents, including independent agents.”

The total amount of grant funds available during this application period is $3.15 million. Nearly $42 million of the available $45 million was awarded to eight insurers following the first round of applications.

The Incentive Program offers matching grants to incentivize new and existing insurance companies to write residential and commercial policies in coastal areas, including writing policies out of Citizens.

The participating insurance companies must meet solvency standards that are in line with standards required by the federally backed mortgage companies. The insurers will also be subject to enhanced solvency monitoring including, but not limited to, newly increased capital and surplus requirements, monthly reporting and in-depth reinsurance program reviews.

The original Insure Louisiana Incentive Program was vital to the successful recovery of our property insurance market after hurricanes Katrina and Rita in 2005. The program was recreated during the 2022 Legislative Session, and the legislature overwhelmingly passed $45 million in funding for the program during a special session earlier this year.

About the Louisiana Department of Insurance: The Louisiana Department of Insurance works to improve competition in the state’s insurance market while assisting individuals and businesses with the information and resources they need to be informed consumers of insurance. As a regulator, the LDI enforces the laws that provide a fair and stable marketplace and makes certain that insurers comply with the laws in place to protect policyholders. You can contact the LDI by calling 1-800-259-5300 or visiting www.ldi.la.gov.