Donelon mentioned he hoped the transfer would “take away politics from the vitally necessary upcoming legislative session, the place many important points that cope with the way forward for our state’s property insurance coverage market will likely be debated and hopefully determined to enhance that market.”
He was first named insurance coverage commissioner in February 2006 and has since been re-elected for 4 full phrases. The exiting commissioner was elected as Nationwide Affiliation of Insurance coverage Commissioners (NAIC) president in 2013, and is the chairman of the NAIC’s Surplus Strains Taskforce and is on the affiliation’s government committee.
Donelon was first elected to public workplace in 1975 when he was appointed chairman of the Jefferson Parish Council, in line with the Louisiana Division of Insurance coverage.
Louisiana incentive plan replace
The insurance coverage commissioner revealed the information of his impending departure as he gave an replace on the state’s incentive plan, supposed to assist an inflow of capability into the Pelican State, which has been grappling with an ailing property market and an assault of insurer exits.
Most just lately, UPC Insurance coverage’s insolvency within the wake of Hurricane Ian left tens of 1000’s of policyholders needing to be rehomed, with fears that the strain would intensify on insurer of final resort Residents.
9 insurers have utilized to Louisiana’s program, Donelon mentioned, searching for a complete of $62 million in grants.
Florida insurance coverage commissioner confirmed
Earlier this week, it was confirmed that Michael Yaworsky would proceed within the function of Florida Insurance coverage Commissioner. Yaworsky had been within the function on an interim foundation since February following the exit of former Florida Insurance coverage Commissioner David Altmaier, who has since been named to Aspen’s board.