Posted: Jan 31, 2012 9:08 AM by AP
BATON ROUGE, La. (AP) - The governing board of Louisiana's property insurer of last resort holds a special meeting Tuesday to discuss a $100 million-plus dispute.
On Monday, a judge stopped attorneys trying to seize money from Citizens for homeowners who claimed that Louisiana Citizens Property Insurance Corp. dragged its heels in adjusting hurricane claims in 2005.
The Louisiana Supreme Court said Citizens failed to begin adjusting claims for Katrina and Rita in 2005 within the 30 days required by law. The money includes a $92.8 million judgment for more than 18,500 Louisiana Citizens Property Insurance Corp. policyholders - plus $11 million in judicial interest.
Citizens chief executive Richard Robertson said that although the company can pay the judgment, it is preparing an appeal to the U.S. Supreme Court.