Louisiana’s insurance department paid insurers $29 million in incentives about six months too early. That’s according to an audit report made public this week by the state’s legislative auditor. The audit said the money was paid in January 2008. But the money should not have been distributed until June or July, when the state and the insurers completed required “cooperative endeavor agreements.” The incentive money was paid out to insurers willing to begin doing business in the state and to insure coastal properties at risk to hurricanes.
In an error, Louisiana paid insurers too soon
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