BATON ROUGE, La.—
Louisiana's state-backed insurance company has until Monday to post a $95 million bond after losing a class-action lawsuit that said the company took too long to settle Hurricane Katrina claims. Louisiana Citizens Property Insurance Corp. is appealing, but still must post the bond.
The bill could force Citizens to impose a new fee, or "assessment," on all homeowners in the state. Money raised by the existing 5 percent assessment goes to pay off debt incurred in paying off Katrina claims.
Donelon and Citizens chief executive John Wortman have a Wednesday morning news conference to discuss the issue.