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You are visiting my site on: June 20, 2024

When will the Citizens Insurance Fiasco End?

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The outrageous lack of oversight continues as more troubling audits show widespread mismanagement and outright theft on the part of those running the state created Citizens Property Insurance Company. Citizens has been called the biggest financial disaster in Louisiana’s history. And for good reason. This notoriously mismanaged company was on the road to disaster from day one. Proposed by the Department of Insurance, and created by the legislature, the debacle of Citizens has cost Louisiana taxpayers well over $1 billion. A new audit, just released, shows widespread abuse and misspending on everything from football tickets, to fancy resorts, cigars, Mardi Gras balls, all with no justifiable ties to helping policyholders and taxpayers who have to pay for the Citizens mess.  You can read a summary of this new troubling audits will I Clicking Here or Here.

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