Probably less exciting to most voters, but equally as important, is the race for Insurance Commissioner. Current Insurance Commissioner Jim Donelon recently announced that he will not seek re-election. In addition to Tim Temple who has already announced that he is running for Insurance Commissioner again, Louisiana Public Service Commissioner Eric Skrmetta (District 1-Republican), and State Representative Edmond Jordan (Democrat-Baton Rouge), are also considering entering the race.
Louisiana is experiencing a major homeowners insurance crisis and rising auto insurance rates. Louisiana legislators recently voted to move forward with a $45 million fund to incentivize insurance companies to enter the Louisiana market, but many critics raised concerns that it wouldn’t go far enough to address the true cause of the crisis. After Hurricanes Katrina and Rita, so many insurance companies folded or left the state that 173,000 property owners were forced to use Louisiana Citizens Property Insurance, the state-run insurance of last resort. By law, Citizens charges premiums set 10% higher than the highest private insurer in each parish.
Insurance issues affect nonprofits on many levels – rising commercial auto insurance rates is one of the biggest insurance premium pain points for non-profits, especially those with considerable fleets.
Qualifying for the Oct. 14 primary election is Aug. 8-10.