It is for true folks as Jimbo sez to bend over and grab yer ankles. The Daily Comet has the lament.
sop
The price of electing a clown as insurance commish: Louisiana Citizens to raise rates 58%
Tag: Louisiana Citizens Insurance
Plaintiff’s seize Louisiana Citizen’s Bank Accounts: Jimbo the Clown continues in his role.
Folks we’ve covered the entire sad state of affairs at Louisiana Citizens Insurance, which adjusted its post Katrina claims in bad faith and has been trying avoid the consequences of such literally since the early days after the storm. The latest developments unfolded Monday with Becky Mowbray filing this short and not so sweet story that Citizens has exhausted its appellate remedies and the Plaintiff’s lawyers in the class action bad faith case could seize over $100MM from Citizens’ bank accounts. Sadly Louisiana Insurance Commish Jim “Jimbo the Clown” Donelon remains in denial and this is not good financially for the rate paying public in Louisiana as Ted Griggs at the Advocate explains:
Insurance Commissioner Jim Donelon vowed to continue the fight, while plaintiffs’ attorneys said it’s time for Citizens to pay policyholders.
“We will proceed immediately to complete the seizure and collect the judgment, and we will also move quickly to set the pending claims for hearing before the trial court,” attorney Fred Herman, who represents the policyholders, said in a news release…….
“Our lawyers are urging us to continue the appeal to the U.S. Supreme Court, and we have another state court initiative in mind, as well,” Donelon said.
I’ll again point out this is standard jackassery for Donlon, Continue reading “Plaintiff’s seize Louisiana Citizen’s Bank Accounts: Jimbo the Clown continues in his role.”
Friday Links
Just Swimming Around: OR…Just who’s Cesspool is this anyway? ~ Ignatius Jeff Reilly (That guy appears to knows way more than he lets on. 😉 Must read)
Where the donations are going ~ Jason @ American Zombie
Bay St. Louis police investigating possible murder ~ Donna Harris
Mississippi high court: Pardons are valid – Holbrook Mohr
Library will be quieter without her ~ Anita Lee (Everyone here knows Miss Ginny. She will be missed)
House Democrats moving faster than they did on Metairie judge ~ Drew Broach (Comparing Judge Cebull with the now impeached Tom Porteous is a bit of a stretch in my mind.)
5 charged with theft in NOAH house-gutting scandal ~ Hammerman
Can you say bankruptcy or what can we do with Citizens ~ Ignatius Jeff Reilly (Must Read)
Citizen Property Insurance plaintiffs to seize cash ~ Ted Griggs
Citizens board expected to discuss rate increase for policyholders at meeting today – Ed Anderson
Feel free to add your own links in comments. (It is a very wet day here 75 miles north of the coast 20 miles from the middle of nowhere so blogging on my part will be light today)
sop
Louisiana Citizens trys another PR offensive over their post Katrina bad faith claims handling.
Folks, who wudda thunk that a blog that cut its teeth bashing all things State Farm would make friends in the enemy camp so I have a secret to share: I’ve occasionally collaborated with Deb over at Dimechimes Claims Adjuster Information beginning with the Gulf oil spill, which impacted her home State of Florida. The association has added a some color to my perceptions of the operation of GCCF, which I hope to share soon here on Slabbed.
Along those lines I’ll add that there is a newish local WordPress blog that I subscribe to and that is the one belonging to Ignatius Jeff Riley. I warned Ignatius that me mentioning his blog on Slabbed could well put a target on his back but he continues undaunted.
Seemingly completely unrelated is a story Anita Lee recently wrote an article for the Sun Herald on an insurance industry trade group bemoaning the fact Mississippi does not have a state-wide building code. Yes, we are wire tight down here in South Mississippi on that issue but the fact the rest of the state doesn’t have a uniform building code supposedly causes high insurance rates according to experts like Jimbo the Clown, from whom Anita Continue reading “Louisiana Citizens trys another PR offensive over their post Katrina bad faith claims handling.”
BREAKING: The Idiots at Louisiana Citziens to squander $500,000 in scarce reserves to appeal judgment to the US Supreme Court (Updated)
How sad that an insurer set up via taxpayer fiat is so against the policyholders it was created to serve. I’ll add that based upon the last legislative auditor report such a move tells me the Citizens is insolvent. I wonder if they are still running quickbooks? What a joke they are!
And to think just 3 years ago the lit and hallucinating buffoons on the Wall Street Journal Editorial Board were praising Jimbo the Clown and Louisiana Citizens Insurance.
File this one under sold out.
Update:
It did not take the Supreme Court long to bitchslap Jimbo down and make no mistake folks this is all Jimbo the Clown. Even worse, he claims to have more ideas to make this mess worse. Whadda Clown!
sop
The Louisiana DOI has sent Slabbed the following press release.
Tueday Music: Special dedication to Jimbo the Clown and the lit and hallucinating buffoons on the Wall Street Journal Editorial Board
Folks while we celebrate 4 years of Slabbed please join me in re visiting one of my more timeless insurance post, Around the GO Zone in 60 Seconds: Drinking ‘Shroom juice at the Wall Street Journal, Cottages, Community, Warr and Wind Pool whereby I opined the Wall Street journal Editorial Board were a bunch of “lit and hallucinating buffoons” for writing this OpEd that extolled the virtues of State Farm and Commish Jim Donelon aka Jimbo the Clown. The sheer stupidity of the whole gang is simply timeless, especially since everyone kinda knows Louisiana Citizens is insolvent, got a going concern opinion and the like.
Well folks, last Friday the Louisiana Supreme Court ruled, in an open and shut case, that Louisiana Citizens did not adjust claims per the consumer protection portion of the state insurance law and was on the hook for bad faith penalties. Despite the split court I’ll add this case was open and shut except in certain results oriented courthouse circles who also know Citizens is insolvent and would give the entity a pass because of it, no doubt to save themselves the insurance assessment that is certainty coming everyone’s way now that the law has been correctly applied.
I everyone hope remembers how Citizens was hijacked and used as the personal piggy banks for insurance industry cronies connected to luminaries such as former Commish Robert Wooley and now Jimbo the Clown himself. We’ve blogged lots on the Citizens Insurance Insolvency and parade of disaster CEO’s that have stunk up the place. We’ve also blogged on the Wall Street Journal and the PR plants that spout self-serving crap for big business on its editorial pages. But frankly I never thought I’d blog on Jimbo the Clown bitching a blue streak because the Supreme Court correctly ruled in favor of the policyholder in an open and shut case, especially given his very recent campaign ads where he trumpeted being tough on an insurance company fining them $250,000 for fucking people over after Katrina. I reckon Jimbo thinks the voters in Louisiana are schmucks.
So for Jimbo, the lit and hallucinating buffoons at the Wall Street Journal Editorial Board and for the shills in Herr Hartwig’s boiler room today’s music is for you. ~ sop
Jim Brown
Thursday, January 6th, 2011
Baton Rouge, Louisiana
A HAPPY NEW YEAR FOR INSURANCE RATES ALONG THE GULF COAST? NOT REALLY!
So happy New Year! And by the way, get ready for higher property insurance rates along the Gulf Coast, particularly in Louisiana. One would think that if anything, homeowner’s rates would be going down. After all, there has been virtually no hurricane activity in the Gulf for the past four years. And with the national economic slump, home prices have dropped which should translate into lower insurance rates. Not so say the experts. Here are a few reasons why many states, particularly my home state of Louisiana, will see higher rates in the coming year.
Huge claims for the BP Gulf Oil spill will definitely boost insurance rates for the oil industry. No one at this stage can even guess what the final insurance costs will be from both the damage and years of ligation from the Gulf spill. Most of the larger oil companies are self insured, which means they will have to divert funds from operating costs into designated reserve funds. Independent companies, that produce both oil and gas, will see their insurance costs go up. Higher insurance costs mean cut backs, possible layoffs, and higher prices for both oil and gas. And those insurance companies that have taken a big hit over the Gulf spill will have no choice but to raise rates for all lines of insurance, including homeowners.
Citizens Property Insurance Company in Louisiana continues to run amok, and be a factor in higher insurance rates. Louisiana taxpayers are on the hook for well over a billion dollars because of the state created company’s mismanagement. The company is now bragging that it has reduced the number of policies it is selling. But this becomes a catch 22. As Citizens looses customers, the overall risk increases. A new study by the Insurance Information Institute pointed out the Louisiana state run plan still maintains a “precarious financial condition.” Simple translation — it’s broke, and will be for years. Last month the company asked the Louisiana Insurance Department for an increase that in some south Louisiana parishes will top 24%. Continue reading “Jim Brown”
Louisiana Citizens CEO John Wortman has “no class”
Do you suppose that before Citizens CEO John Wortman went whining to the Legislature he gave so much as a thought to solving his problem by paying claims with the time period required by state law? The Shreveport Times has the story under the misleading headline, Citizens wants to discourage class actions.
Louisiana Citizens Property Insurance Corp. will push for a new law protecting it from being penalized for paying claims too slowly.
Now, headline aside, that’s the story. However, you can’t blame the misleading headline on the reporter when Citizens general counsel, Suzanne Dondeville, intentionally provided the misleading spin.
Such a law could remove a major incentive for class-action lawsuits, such as the ones that were filed against the property insurer of last resort following hurricanes Katrina and Rita.
Last year, a state district judge in Gretna ordered Citizens to pay $92.8 million to 15,573 policyholders whose Katrina claims were not adjusted within the time period required by state law.
The current law calls for a penalty of $5,000 per claim. Citizens general counsel, Suzanne Dondeville, told the insurer’s governing board Thursday that eliminating the penalty would mean lower fees for plaintiff attorneys, giving them less reason to file class actions.
No, no, no Ms. Dondeville, if you want to “lower fees for plaintiff attorneys”, just follow the law. Works every time. Continue reading “Louisiana Citizens CEO John Wortman has “no class””
$peaking of $hoveling $hit…..
There is one great thing that you men will all be able to say after this war is over and you are home once again. You may be thankful that twenty years from now when you are sitting by the fireplace with your grandson on your knee and he asks you what you did in the great World War II, you won’t have to cough, shift him to the other knee and say, “Well, your Granddaddy shoveled shit in Louisiana.” No, Sir, you can look him straight in the eye and say, “Son, your Granddaddy rode with the Great Third Army and a Son-of-a-Goddamned-Bitch named Georgie Patton!
Fastforward to the year 2009. Clowns like Jimbo truly are timeless: (H/T Editilla)
All insured real estate owners could be on the hook for a $95 million judgment against Louisiana’s state-backed insurance company, state Insurance Commissioner Jim Donelon said today.
Donelon said he’s considering several options to raise the money to post the bond. One option is to impose a new fee that would be borne by insured homeowners and commercial property owners.
The payment, due Monday, is required because the Louisiana Citizens Property Insurance Corp. lost the first round of a class-action lawsuit in March. The suit, filed in Jefferson Parish on behalf of 18,573 policyholders, argued that the insurer took too long to pay claims after Hurricane Katrina. Citizens is appealing and the case is likely to end up with the state Supreme Court. Continue reading “$peaking of $hoveling $hit…..”