Donelon said he hoped the move would “remove politics from the vitally important upcoming legislative session, where many significant issues that deal with the future of our state’s property insurance market will be debated and hopefully decided to improve that market.”
He was first named insurance commissioner in February 2006 and has since been re-elected for four full terms. The exiting commissioner was elected as National Association of Insurance Commissioners (NAIC) president in 2013, and is the chairman of the NAIC’s Surplus Lines Taskforce and is on 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 impending departure as he gave an update on the state’s incentive plan, intended to support an influx of capacity into the Pelican State, which has been grappling with an ailing property market and an assault of insurer exits.
Most recently, UPC Insurance’s insolvency in the wake of Hurricane Ian left tens of thousands of policyholders needing to be rehomed, with fears that the pressure would intensify on insurer of last resort Citizens.
Nine insurers have applied to Louisiana’s program, Donelon said, seeking a total of $62 million in grants.
Florida insurance commissioner confirmed
Earlier this week, it was confirmed that Michael Yaworsky would continue in the role of Florida Insurance Commissioner. Yaworsky had been in the role on an interim basis since February following the exit of former Florida Insurance Commissioner David Altmaier, who has since been named to Aspen’s board.