Citizens Insurance Loses Louisiana Supreme Court Appeal
The state’s insurance provider of last resort has exhausted all state court legal avenues after the Louisiana Supreme Court struck down a lower court’s decision Monday.
That decision would have blocked the banker for Louisiana Citizens Property Insurance Corp. from revealing where it was holding the insurance company’s money.
The company was ordered to pay more than $100 million after it was determined they took too long to process insurance claims following the 2005 hurricane season.
Citizens says they are still considering a possible appeal to the U.S. Supreme Court, but they contend $6 million dollars they put up to cover a state appeal bond should cover a federal appeal as well. But the Louisiana supreme court said that money only covers state appeals.
Citizens was originally ordered to pay $92.8 million dollars, but that figure has increased to $105 million dollars with judicial interest.