Push to aid post-hurricane insurance market in Louisiana clears big hurdle in Legislature
A bill aimed at reviving
The measure, House Bill 1, next faces action in the
The lopsided House vote boosts chances for final approval because the proposal faced more pushback earlier in the House than the
The tally took place on the third day of a special session that has to end by Sunday at
The bill would put
Boosting the ranks of insurance companies, backers said, will make the market more competitive and home insurance premiums more affordable.
"This is not the perfect bill but it is the only bill," said Rep.
"It is the only hope for south
Critics contend there are no guarantees the effort will work, and might fail to provide promised relief for thousands of homeowners said to be in danger of losing their homes.
Rep.
"Hope is not a strategy," said Jordan, who voted "no" on the legislation.
Citizens is a state-run, last resort insurance that is required to charge 10% above market rates and is increasing its premiums by 63%.
State Insurance Commissioner
In an unusual move, Donelon was allowed to field questions for more than two hours before the House debate.
Rep.
Rep.
Brown said that, since Donelon has held office for 16 years, the state should have more options after back-to-back years of destructive hurricanes.
"All we have heard so far is this plan is going to work because it worked last time," Brown said.
The state launched a similar incentive program after hurricanes Katrina and Rita roared ashore in 2005.
"If I can give any of those constituents some relief or hope for relief, I am willing to do that," Brown said on why he opted to support the measure.
That vote was 99-0.
If the
The gathering is costing taxpayers about
Aside from Jordan the "no" votes cast on the
Six House members missed the vote.
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