Louisiana Insurance Commissioner
The Louisiana Insurance Commissioner is a statewide constitutional office that oversees the insurance industry in the state. He or she has wide discretion to control insurance rates and premiums in the state, he or she must also maintain and develop policies to protect the consumer from risky and predatory insurance companies. Recently the insurance commissioner has had controversial meetings with health insurance carriers and other insurance-related entities, which have raised concerns among citizens.
The current commissioner has received an award from the Insurance Research Council of Louisiana. This is the second most prestigious award that the organization has ever given out. The group of highly qualified insurance professionals believes that the commission's problems are related to the state's lack of a budget to properly fund its insurance regulatory agencies. Without the proper funding the commission cannot perform its duties.
According to the news reports the current commissioner, received an award from the Louisiana Insurance Association for "outstanding contributions made to the insurance business through educational presentations and public outreach." This would seem like an excellent honor. However, the state insurance commissioner Gerald Lewis said that the business executives were disappointed with the award. They claim that it was not a surprise as they had already discussed the possibility of having the insurance commissioner become an appointee of the state. However this particular idea has yet to be confirmed by the state.
The insurance commissioner's official duty is to oversee the insurance companies in the state and protect the consumer. why is my auto insurance so high or she must take a strong stand on issues such as insurance company fraud, unreasonable rate increases and unfair exclusions. For example one of the most popular complaints by customers is that insurance companies in the state routinely deny claims because of bad driving records.
In some instances the commission has actually forced insurance companies to pay for their clients medical bills or provide benefits. For example in January the commission fined a Louisiana insurance company $500,000 for denying a claim by a woman who was seriously injured in a car accident. The woman claimed that the accident resulted in permanent disability and she would never be the same again. After the commission ordered the insurance company to pay the medical bill, it was reported that the company's stock price had dropped almost forty percent. There are many more reported incidents.
The insurance commissioner of Louisiana oversees all of the insurance companies in the state and has the final say on all matters including rate increases and other changes. The last thing that the state needs is for the insurance commissioner to be working for the wrong company. There are many people who are concerned about the increasing costs of insurance in Louisiana and how they are being handled by the state. Some people have suggested that the state should do away with the insurance commissioner altogether. This seems to be an extreme solution and one that doesn't really make much sense.
One of the best ways for consumers in the state of Louisiana to get information from the insurance companies regarding their rates is to contact the commissioner's office directly. By doing this the consumer is able to obtain a free quote that will allow them to compare prices with other companies and make an informed decision as to which company will provide them with the best deal. Consumers can also find out if there are any complaints about certain insurance companies. If there are no complaints then the insurance company has no reason to raise their rates.
By using the services of an insurance agent the consumer is able to get a lot more from their insurance policy than they would by simply shopping for insurance online. Agents work for the companies and so can offer valuable advice when it comes to what type of policy would be the best option for the consumer. When shopping for insurance online consumers are often forced to accept the first rate that they are given. By working with an insurance commissioner of Louisiana the consumer can get the best deal and ensure that they are protected.