HomeHome InsuranceTemple says special session on insurance reform highly unlikely

Temple says special session on insurance reform highly unlikely

Temple says special session on insurance reform highly unlikely

Tim Temple, Insurance Commissioner-elect

There’s been plenty of speculation about a special session before the regular one to address the state’s property insurance crisis next year. But at a recent NOLA.com town hall meeting, Insurance Commissioner-elect Tim Temple said it’s highly unlikely…

“Once the redistricting session conversation came into play, I think that took a lot of the wind out of the sails with regards to a special session to address insurance because of a timing issue,” said Temple.

But if and when one is called, Temple said he’ll push to get legislation introduced. He said he’s focusing on bringing property owners immediate premium relief. But stresses he’s not suggesting mandates for premium changes, because that only drives carriers away.

“We’re going to make sure that we focus on things that you’ve got consensus on, that we agree will give carriers the ability to come in and compete. We want the affordability, but you can’t get the affordability until you have the availability,” said Temple.

After the 2020 and 2021 hurricane seasons, with 800-thousand claims and $23 billion in property loss Temple said we have to acknowledge the industry was stressed and twelve companies went insolvent.

An incentive program to incite new carriers to come to the state went into effect earlier this year. Temple unfortunately said property owners won’t see the benefits immediately…

“I’m going to be brutally honest; it takes time for change. But I can assure you that if we change nothing, the way we do things nothing else is going to change,” said Temple.

When Temple’s lone opponent withdrew from the election in the fall, Temple was named commissioner-elect. He said he’s been using the time to meet with decision-makers and is ready to hit the ground running on January 8th.

To hear the entire Town Hall Meeting with Tim Temple click here.


Source link

latest articles

explore more