Tag Archives: Steve Mostyn

Blow back, blow out and a lot of hot air around state-funded insurance plans

Since state-funded insurance plans are a big money maker for the insurance industry and a deep money pit for the states, it will be interesting to see how this trouble in paradise plays out.

Louisiana Citizens Property Insurance Corp., the state’s insurer of last resort, should be abolished, the Commission on Streamlining Government said Tuesday. Our friend Jim Brown was there.

Brown called Louisiana Citizens Property Insurance “the biggest financial disaster in history. “If the old system had been in place, you and I wouldn’t be paying off a $1.5 billion bond issue” that bailed out Louisiana Citizens Property Insurance”.

What a blow back!  Meanwhile in neighboring Texas, the general manager of the the Texas Windstorm Insurance Association had a blow out: Continue reading