Donelon said he hoped the move would “remove policy from the vitally important upcoming legislative session in which many important issues dealing with the future of our state’s property insurance market will be discussed and hopefully decided to improve that market.” .
He was first appointed Insurance Commissioner in February 2006 and has since been re-elected to four full terms. The outgoing commissioner was elected President of the National Association of Insurance Commissioners (NAIC) in 2013 and chairs the NAIC’s Surplus Lines Taskforce and is a member of the Association’s Executive Committee.
Donelon was first elected to public office in 1975 when he was appointed chairman of the Jefferson Parish Council, according to the Louisiana Department of Insurance.
Louisiana incentive plan update
The insurance commissioner revealed the news of his imminent departure while providing an update on the state’s incentive plan designed to support an influx of capacity into the Pelican State grappling with an ailing housing market and an onslaught from insurers.
Most recently, the bankruptcy of UPC Insurance in the wake of Hurricane Ian left tens of thousands of policyholders having to find new homes, amid fears that pressure would increase on insurer of last resort Citizens.
Nine insurers applied for the Louisiana program, according to Donelon, seeking grants totaling $62 million.
Florida Insurance Commissioner confirmed
Earlier this week, it was confirmed that Michael Yaworsky would continue in the role of Florida’s insurance commissioner. Yaworsky had been in the role on an interim basis since February following the resignation of former Florida Insurance Commissioner David Altmaier, who has since been appointed to Aspen’s board.