[StBernard] Insurers Retreat From Coasts
westley at da-parish.com
Sun Apr 30 21:38:18 EDT 2006
I have an easy solution to this problem. All the Louisiana legislature has
to do is pass an Act or Resolution that will prohibit the La. Commissioner
of Insurance from renewing the licenses of the forementioned insurances (who
do not want to issue any more homeowner policies) when their licenses come
up for renewal - and I'm talking about their licenses to do business in the
State of Louisiana for "every" type of insurance they want to sell (car,
life, home/casualty, etc.).
When they realize they can't make money any more in Louisiana they will
quickly be whistling a different tune. I am close friends with my State
Farm agent. I've told him this before and his reaction is one of anger,
threatening me that State Farm (as well as Allstate and others) would
entirely pull out of Louisiana in a heartbeat. When he told me that I
looked to him and said "who in the hell do you and State Farm (and others).
think your bullsh!!!ing." I told Bud (my agent) not for one second do I
believe that nonsense - to think that these major insurance carriers would
give up making millions in this state on all the various types of insurance
they sell here - and make profit on. I warned him that "his" company better
not try to bluff with that, otherwise they're going to hear us telling them
"don't let the door hit them in the as! on the way out of the State.
Believe me when I say, if Louisiana passes such a law or rule, no insurance
company will leave the state - they can't afford to. The law should read
simple..if you're an insurance company that sells homeowner policies in
other states and you want to do business in Louisiana, then you must make
available homeowner policies here to be purchased. I've always supported
the position of the insurance companies, but I don't believe in letting have
their cake and eat it too.
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