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Treasurer John Kennedy talks Louisiana Citizens Property Insurance rate increase

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Published on Jun 1, 2012

"This is about following the law, and these rates are illegal," Kennedy said.
The state law that set up Citizens says the insurer must charge 10 percent more than actuarially sound rates, or those that cover expected losses and expenses; or the market rate, the amount charged by private insurance companies that sell at least 2 percent of the policies in a given parish, Kennedy said. But at the time it calculated its new rates, Citizens was the only company selling wind-only policies in several parishes, so there was no market rate, he said.

Because of that, Citizens is required by law to use the actuarially sound rates, those that cover expected losses and expenses, Kennedy said.
-- TheAdvocate.com

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