Nov 9, 2012 5:38 PM by AP
BATON ROUGE, La. (AP) - Insurance Commissioner Jim Donelon says he will reject a proposed $50,000 pay raise for the top executive of Louisiana's state-run property insurance company.
Donelon said Friday that he won't sign off on the raise for Richard Robertson, CEO of the Louisiana Citizens Property Insurance Corp. The salary hike - which would increase Robertson's annual pay from $240,000 to $290,000 - requires Donelon's approval before it could take effect.
Treasurer John Kennedy had called the raise inappropriate at a time when the company is $56 million short of the cash it needs to cover expenses.
Approval of the pay raise came at the end of the Citizens' board meeting Thursday though the item hadn't originally been listed on the board agenda.