Insurance Commissioner Jim Donelon has proposed fining five homeowners insurance companies after finding alleged improper activity following the 2020 hurricane season.
Donelon proposed a combined $764,750 fine following targeted market conduct examinations of their insurance activities between August 27, 2020, and June 30, 2021, a period in which hurricanes Laura, Delta and Zeta made landfall in Louisiana.
According to a release, the five examinations found 44 instances of improper activities and/or business practices that were noncompliant with the Louisiana Insurance Code.
Violations, they say, were found in the areas of claims handling, complaint handling, and operations and management.
The five companies for which the LDI has proposed fines are United Property & Casualty Insurance Company, GeoVera Specialty Insurance Company, FedNat Insurance Company, Maison Insurance Company and Allied Trust Insurance Company. The LDI retained Risk & Regulatory Consulting, LLC to assist with the examination.
All five examination reports were adopted on April 11, 2022.
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