Louisiana's top insurance regulator seeks court-ordered take-over of failing insurers after Ida loss

Two regional insurance companies are facing insolvency due to Hurricane Ida losses, prompting Louisiana’s insurance commissioner to seek a government takeover and ensure policyholders get paid what they’re owed. The shake-up will cause thousands of Louisiana residents to get kicked off their insurance policies. It's likely to extend an already tedious claims process, though policyholders whose insurers go belly-up are guaranteed up to $500,000 in payments through a safety net created by the state. Read more...