Louisiana Insurance Commissioner Jim Donelon wrote an article in the October edition of the IIABL Louisiana Agent magazine in which he discusses the importance of state rather than federal regulation of the insurance industry. Donelon emphasizes that, “Insurance is a global business to manage local risks. Regulation closest to the consumer works best because it provides a targeted approach to the unique risks that insurers face when doing business in a particular area of the country.” The Commissioner also discusses consumer protections inherent in institutions such as LIGA, as well as the past successes of local regulation and insurance companies in handling claims related to Hurricanes Katrina and Rita.
Read the full article and access the magazine here. Donelon’s “Commissioner’s Corner starts on page 10.