The Louisiana Senate has recently voted to extend the Insure Louisiana Incentive Program (the “Program”).  We previously reported about the program here and here.  Under the Program, Louisiana earmarked $100 million in grants ranging from $2 to $10 million for qualified property and casualty insurance companies entering the Louisiana market.  The goal of the Program is to increase the private market capacity by 15%.

The Program, which planned for and has completed two rounds of applications, has awarded approximately $40 million in grants.  The extension amendment would allow the Program to accept a third round of applications.

Additionally, the Louisiana Senate passed a separate amendment that would disburse any funds remaining after the Program’s completion to homeowners.  As currently enacted, the Program’s remaining funds revert back to the State General Fund.

Both amendments now move to the Louisiana House for consideration.

Click here to visit the Louisiana Department of Insurance’s website for more information on the Program.