Donelon mentioned he hoped the transfer would “take away politics from the vitally essential upcoming legislative session, the place many vital points that cope with the way forward for our state’s property insurance coverage market can 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 govt 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, meant to help an inflow of capability into the Pelican State, which has been grappling with an ailing property market and an assault of insurer exits.
Most not too long ago, UPC Insurance’s insolvency within the wake of Hurricane Ian left tens of hundreds of policyholders needing to be rehomed, with fears that the stress would intensify on insurer of final resort Residents.
9 insurers have utilized to Louisiana’s program, Donelon mentioned, in search of a complete of $62 million in grants.
Florida insurance coverage commissioner confirmed
Earlier this week, it was confirmed that Michael Yaworsky would continue in the role 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.