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Friday, September 19, 2014
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No new plan for dealing with Citizens' budget gap

Last Modified: Wednesday, April 03, 2013 5:11 PM

BATON ROUGE (AP) — The governing board for Louisiana's property insurer of last resort isn't revisiting a $100 million borrowing plan that has stalled at the state capitol.

The board for the Louisiana Citizens Property Insurance Corp. didn't choose an alternate approach to balance the company's books.

Instead, Steve Cottrell, chief financial officer for Citizens, says he'll closely monitor the cash flow at the company and keep board members updated if Citizens becomes unable to cover its costs.

Last month, the Citizens board supported the $100 million borrowing plan. But the idea ran into problems with the State Bond Commission, which refused to vote on the proposal.

Gov. Bobby Jindal and Insurance Commissioner Jim Donelon were opposed to the borrowing plan, saying Citizens can use a line of credit from the bank if needed.

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