Tagged: insurance

State insurance regulators have rejected a request by State Farm Fire and Casualty Co. to raise homeowners' rates by 16.6 percent.

The rate revision would have affected more than 300,000 policyholders.

Insurance Commissioner Jim Donelon said Monday he declined the company's request after a review found the rate revision not to be actuarially justified.

State Farm spokesman Gary Stephenson says they're disappointed by Donelon's decision. He says the company will continue to work with the department to find a resolution.

The state's property insurer of last resort has proposed raising homeowner's rates an average of 7.7 percent statewide this year.

The Advocate reports the Louisiana Citizens Property Insurance Corp.'s board said Thursday that the rate increase is being driven in part by higher reinsurance costs for coastal areas south of the Gulf Intracoastal Waterway.

Jan. 1 will mark Louisiana Insurance Commissioner Jim Donelon's first day as president of the National Association of Insurance Commissioners.

Donelon said in a statement Friday that the position will help him place Louisiana "at the forefront in the study and development of insurance regulation."

Donelon has been a member of the national trade group since he became commissioner in 2006. He joined the staff of the state's insurance department in 2001, serving as chief deputy commissioner.

Insurance Commissioner Jim Donelon says his department's new online system will make it easier for Louisiana residents to shop for the best insurance rates in their cities.

You can't get quotes for your house and car. The auto insurance guide compares quotes for a 2004, 2007 or 2010 Toyota Camry driven by people of different ages, with different driving records. The homeowners' guide compares premiums for a brick house that's less than one year old or 5, 15 or 25 years old, at varying coverage levels.