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Feb 9, 2012 10:00 AM by AP

Insurer to consider proposed settlement

BATON ROUGE, La. (AP) - Louisiana's property insurer of last resort will consider a proposed settlement Thursday in a dispute over slow handling of hurricane claims from 2005.
Louisiana Citizens Property Insurance Corp. faces about $104 million in payouts to about 18,500 policyholders. State courts have rejected appeals by the insurer - and plaintiff attorneys seized company money to pay the judgment.
The company's board will meet in closed session in Baton Rouge to consider an offer by plaintiff attorneys.
State courts said that Citizens failed to start adjusting claims after hurricanes Katrina and Rita in 2005 within the 30 days required by state law. Citizens is asking the U.S. Supreme Court to consider another appeal of the class-action lawsuit.

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