Sen. Kirk Talbot discusses Louisiana insurance crisis with Elmwood business group [Video]

ELMWOOD, La. (WVUE) — The chairman of the state Senate’s insurance committee told members of the business community that insurance reforms passed this spring by the Louisiana legislature were necessary amid the ongoing premiums and coverage crisis.

Sen. Kirk Talbot (R-River Ridge) addressed the Elmwood Business Association’s luncheon on Tuesday (June 18). He said Louisiana has not been attractive to insurers or reinsurers, the companies who provide coverage for insurance companies.

“We’re showing them we know we have a problem, we know we live in ‘Hurricane Alley’ and we’re doing something about it,” Talbot said.

At the urging of Insurance Commissioner Tim Temple, lawmakers repealed Louisiana’s so-called “three-year rule,” which prevented insurers from dropping customers’ policies that had been in place for at least three years.

Talbot told the audience the rule has hurt, not protected, consumers.

“The three-year rule is unique to Louisiana, and no one in the world …