Signed by Governor Kathleen Blanco

Vote Smart's Synopsis:

Vote to pass a bill that would provides to relieve financial strain on the Louisiana Citizens Property Insurance Corporation and increases competition among home insurers in the aftermath of Hurricanes Rita and Katrina.

Highlights:

-Establishes the Insure Louisiana Incentive Program to relieve pressure from the Louisiana Citizens Property Insurance Corporation, which suffered from a lack of a competitive insurance market after Hurricanes Katrina and Rita in 2005 (Sec. 1). -Provides grants that allow qualified insurers, who have proven stable finances and a satisfactory level of risk-based capital, to stay competitive (Sec. 1). -Establishes that initial grants must contain a sum between two and ten million dollars and twenty percent of the total amount of funds available must be given to domestic insurers (Sec. 1)

Full Bill Text