Donilon said he hopes the move will “remove politics from the next vitally important legislative session, where many important issues dealing with the future of our state’s property insurance market will be discussed and hopefully decided to improve that market.”
He was first appointed Commissioner of Insurance in February 2006, and has since been re-elected to four full terms. The outgoing commissioner was elected president of the National Association of Insurance Commissioners (NAIC) in 2013, is the chair of the NAIC Excess Lines Task Force and is a member of the association’s executive committee.
Donilon was first elected to public office in 1975 when he was appointed president of the Jefferson Parish Council, according to the Louisiana Department of Insurance.
Louisiana Incentive Plan Update
The insurance commissioner broke the news of his imminent departure as he provided an update on the government’s stimulus plan, which is intended to support an influx of capacity into the Pelican State, which has been grappling with a faltering real estate market and attacking insurance company exits.
Most recently, the bankruptcy of UPC Insurance in the aftermath of Hurricane Ian left tens of thousands of policyholders in need of rehousing, with fears of intensifying pressure on the insurer on citizens of last resort.
Nine insurance companies have applied for the Louisiana program, Donilon said, requesting grants totaling $62 million.
Florida Insurance Commissioner confirmed
Earlier this week, it was confirmed that Michael Yawerski will continue as Florida Insurance Commissioner. Yawersky has been in the position on an interim basis since February following the exit of former Florida insurance commissioner David Altmaier, who has since been appointed to the Aspen board.