UPC Insurance clients have 30 days to replace policies with Louisiana Citizens - Insurance News | InsuranceNewsNet

InsuranceNewsNet — Your Industry. One Source.™

Sign in
  • Subscribe
  • About
  • Advertise
  • Contact
Home Now reading Property and Casualty News
Topics
    • Advisor News
    • Annuity Index
    • Annuity News
    • Companies
    • Earnings
    • Fiduciary
    • From the Field: Expert Insights
    • Health/Employee Benefits
    • Insurance & Financial Fraud
    • INN Magazine
    • Insiders Only
    • Life Insurance News
    • Newswires
    • Property and Casualty
    • Regulation News
    • Sponsored Articles
    • Washington Wire
    • Videos
    • ———
    • About
    • Advertise
    • Contact
    • Editorial Staff
    • Newsletters
  • Exclusives
  • NewsWires
  • Magazine
  • Newsletters
Sign in or register to be an INNsider.
  • AdvisorNews
  • Annuity News
  • Companies
  • Earnings
  • Fiduciary
  • Health/Employee Benefits
  • Insurance & Financial Fraud
  • INN Exclusives
  • INN Magazine
  • Insurtech
  • Life Insurance News
  • Newswires
  • Property and Casualty
  • Regulation News
  • Sponsored Articles
  • Video
  • Washington Wire
  • Life Insurance
  • Annuities
  • Advisor
  • Health/Benefits
  • Property & Casualty
  • Insurtech
  • About
  • Advertise
  • Contact
  • Editorial Staff

Get Social

  • Facebook
  • X
  • LinkedIn
Newswires
Property and Casualty News RSS Get our newsletter
Order Prints
March 15, 2023 Property and Casualty News
Share
Share
Tweet
Email

UPC Insurance clients have 30 days to replace policies with Louisiana Citizens

Daily Iberian, The (New Iberia, LA)

Insurance Commissioner Jim Donelon announced Monday that Louisiana Citizens will provide an additional 30 days after United Property & Casualty

Insurance company (UPC) policies cancel on March 29 for policyholders and their insurance agents to secure coverage in the private market or

bind a Citizens policy without losing coverage.

UPC policyholders who do not find a new homeowners policy before their UPC policy is canceled will be covered by Citizens for claims occurring

between their cancellation date and the end of the extension period if an agent binds the Citizens policy by that date. This extension does not

affect policyholders who find a new policy with an insurer other than Citizens.

"UPC policyholders should use this extra time to secure coverage with a private insurer before turning to Citizens," said Donelon. "I urge these

policyholders to immediately contact multiple agents, including independent agents, and begin shopping for a new policy."

Earlier last week, Donelon announced that participating insurers will receive credit toward the Insure Louisiana Incentive Program's grant

requirements for assuming UPC policies. Credit will also be given to companies who write policies for former UPC policyholders during the 30-day

period after cancellation.

UPC, a Florida insurer with additional Louisiana policy holders, was placed into liquidation by the Florida Office of Insurance Regulation and

Florida judicial system on Feb. 27 after its estimated losses from Hurricane Ian increased to $1.5 billion.

If you are a UPC policyholder, the LDI recommends you do the following:

Contact multiple agents, including both captive and independent agents, to obtain as many quotes as possible for a new policy.

Ask an agent to contact Citizens for a quote if you are unable to find a policy in the private market.

If you do get a Citizens policy, continue shopping around for a new policy as the LDI expects more insurers to begin writing this Spring following implementation of the Insure Louisiana Incentive Program. If you cancel and rewrite your Citizens policy with a private company, Citizens will refund any unearned premium.

If you have an open claim with UPC, that claim may or may not eventually be transferred to the Louisiana Insurance Guaranty Association (LIGA) for adjusting and payment. Continue contacting UPC about your claim unless you are notified it has been sent to LIGA.

In a related matter, on Monday, Congressman Clay Higgins introduced H.R. 1545, the Restoring Competitive Property Insurance Availability Act, which would protect insurance availability for Louisiana homeowners and business owners by encouraging insurers to continue coverage after a federally declared disaster.

Higgins' bill would amend the U.S. tax code and allow insurers to deduct income made in a disaster area for five years after a federally declared disaster. This provision would take effect after a major disaster declaration and would be limited to the impacted area. To qualify, providers must have been located within the impacted area and providing coverage prior to disaster.

"Insurance companies fleeing Louisiana after a natural disaster has been a problem for decades," said Higgins. "After recent disasters, Louisianans have witnessed insurers terminate policies and abandon the state, leaving many with limited insurance options while destroying their financial security. (This) bill would incentivize property insurance providers by greatly reducing the tax burden and encouraging them to remain in state after a natural disaster."

Older

U.S. inflation remains high, complicating Fed's next move on interest rates amid bank collapses

Newer

IR Enables Cloud Migration for 18,000 Contact Center Agents

Advisor News

  • Peak 65 consumers hit the pause button on retirement
  • More workers consider delaying retirement
  • The bipartisan kindness of caregiving
  • Advisors: Guidance, policy changes needed to support caregivers
  • Charitable giving: Cash ‘bad;’ everything else ‘good’
More Advisor News

Annuity News

  • Peak 65 consumers hit the pause button on retirement
  • The Standard and Legacy Marketing Group Unveil EclipseMark FIA
  • Finding the ideal customer for fixed and indexed annuities
  • Integrity hires Said Taiym from Lockton as company’s first COO
  • Nassau Financial Group Launches Innovative, Growth-Focused FIA: Nassau Athos Annuity
More Annuity News

Health/Employee Benefits News

  • Savvy Senior: Beware of the Medicare Advantage trap
  • Principal® Recognized As “Best Place To Work for Disability Inclusion”
  • Visitor Guard® Launches WhatsApp Support for Indian Visitors to the US
  • How 17M Americans enrolled in Medicaid and ACA plans could lose their health insurance by 2034
  • Savvy Senior: Beware of the Medicare Advantage trap
More Health/Employee Benefits News

Life Insurance News

  • ‘We lost a great one’: longtime life insurance educator Joe Belth dies at 95
  • Symetra Benefits Division Partners with Paralympian and Author Chris Waddell
  • Improving financial wellness: The key to elevating your overall well-being
  • AM Best Assigns Credit Ratings to Ceres Life Insurance Company
  • New York Life launches new Accident and Health products
Sponsor
More Life Insurance News

- Presented By -

Top Read Stories

  • Americans prep for possible recession
  • Medicaid work requirement coming to NC; more than 48,000 could be affected in Triad region
  • Tariffs upend Q3 economic outlook
  • State Farm to raise Illinois homeowners insurance rates by 27.2% in August
  • Sunny beaches and bright ideas: 2025 MDRT Annual Meeting recap
More Top Read Stories >

NEWS INSIDE

  • Companies
  • Earnings
  • Economic News
  • INN Magazine
  • Insurtech News
  • Newswires Feed
  • Regulation News
  • Washington Wire
  • Videos

FEATURED OFFERS

2025 LIMRA Annual Conference
Gather with top executives, where bold strategies ignite inspiration.

Increase sales up to 30% with INN Academy
Master sales strategies from industry legends. Flexible learning, immediate results. Don't miss out—save up to 50%!

Press Releases

  • 3 Mark Financial Celebrates 40 Years of Excellence in Insurance Distribution
  • Senior Market Sales® (SMS) Acquires MIC Insurance Services
  • Giardini Medicare, a Social Media Education Powerhouse, Joins Senior Market Sales®
  • Royal Neighbors of America® Launches New Single Premium Whole Life Product
  • RFP #T01625
More Press Releases > Add Your Press Release >

How to Write For InsuranceNewsNet

Find out how you can submit content for publishing on our website.
View Guidelines

Topics

  • Advisor News
  • Annuity Index
  • Annuity News
  • Companies
  • Earnings
  • Fiduciary
  • From the Field: Expert Insights
  • Health/Employee Benefits
  • Insurance & Financial Fraud
  • INN Magazine
  • Insiders Only
  • Life Insurance News
  • Newswires
  • Property and Casualty
  • Regulation News
  • Sponsored Articles
  • Washington Wire
  • Videos
  • ———
  • About
  • Advertise
  • Contact
  • Editorial Staff
  • Newsletters

Top Sections

  • AdvisorNews
  • Annuity News
  • Health/Employee Benefits News
  • InsuranceNewsNet Magazine
  • Life Insurance News
  • Property and Casualty News
  • Washington Wire

Our Company

  • About
  • Advertise
  • Contact
  • Meet our Editorial Staff
  • Magazine Subscription
  • Write for INN

Sign up for our FREE e-Newsletter!

Get breaking news, exclusive stories, and money- making insights straight into your inbox.

select Newsletter Options
Facebook Linkedin Twitter
© 2025 InsuranceNewsNet.com, Inc. All rights reserved.
  • Terms & Conditions
  • Privacy Policy
  • InsuranceNewsNet Magazine

Sign in with your Insider Pro Account

Not registered? Become an Insider Pro.
Insurance News | InsuranceNewsNet