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 Just when you thought the Louisiana Citizens Insurance fiasco could not get any worse, it always does. The most recent audit blasted Citizens for being the most dysfunctional and worst run agency in Louisiana state government. The new audit, by the Louisiana Legislative Auditor, highly criticizes Citizens for doing a poor job as placing internal controls, and regularly violating state law by selling policies to ineligible property owners. In addition, the state created company, set up by the Louisiana Department of Insurance, submitted "inaccurate and incomplete financials," including inaccurate statements of assets and liabilities. The good news is that State treasurer John Kennedy is leading the charge for the legislature to abolish this poorly run company. It could not happen soon enough. Below is a portion of the hearing on abolishing Citizens that took place at the state capitol recently.
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