Insurance Chief Wants Bill To Nix $95M Katrina Fine

Law360, New York (September 1, 2009, 12:31 PM EDT) -- Louisiana's insurance commissioner will reportedly support legislation this spring to grant the Louisiana Citizens Property Insurance Corp. retroactive immunity from a $95 million judgment pending against it for allegedly failing to conduct timely damage assessments in the wake of Hurricane Katrina.

The state-backed insurer of last resort should not be subject to continuing lawsuits and crippling judgments that could top more than $150 million by the time Katrina-related litigation is finished, Louisiana Insurance Commissioner Jim Donelon told an audience on Monday at the Press Club of...
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