Wooley's Tenure As LA Insurance Commissioner Marked By Many Successes

Baton Rouge, LA - Louisiana Insurance Commissioner Robert Wooley, who successfully led the department during the nation's worst natural disaster, was instrumental in implementing a streamlined claims process in the areas hardest hit by Hurricane Katrina, achieving a statewide building code and spearheading efforts to modernize the state's regulatory system announced his resignation effective February 15, 2006. Chief Deputy Commissioner Jim Donelon, a long-time insurance department executive, will become acting commissioner.

"Under Commissioner Wooley's leadership Louisiana's insurance marketplace improved significantly," said Greg LaCost, assistant vice president and regional manager for the Property Casualty Insurers Association of America (PCI). "Wooley's tenure at the department was characterized by his progressive attitude toward bringing competition to the insurance marketplace. His commitment to economic development and maintaining a vital insurance marketplace were never more evident than in the aftermath of Hurricane Katrina, where he demonstrated outstanding leadership during a period of unprecedented challenges for consumers, insurers and regulators."

Wooley was named acting commissioner in October 2000 and officially became commissioner in April of 2003. He was a critical player in passing the rating reforms in Louisiana in 2003 that allow companies to bring products and pricing to Louisiana in a much more expedited manner allowing consumers to benefit. Without this reform, for-profit companies would have to retain their rates despite the economic ability to lower or retain their rates in fear of not being able to obtain actuarially sound rates. Prior to the hurricanes, there were numerous rate decreases under the new plan and Louisiana's insurance market was showing great improvement.

"Due to the changes, auto insurance premiums were continuing to decline in 2005, the heavy hand of over-regulation was being lifted and the commissioner was reaching out to encourage new insurers to enter the marketplace," said LaCost. "It is important for Louisiana to continue down the road of further reforms that will benefit consumers and the insurance marketplace."

Deputy Commissioner Jim Donelon follows in Wooley's footsteps as both served as chief deputy commissioner before assuming the post of acting commissioner. "Mr. Donelon brings a good mix into the office on behalf of Louisiana consumers and businesses. He was instrumental in implementing the mediation program on behalf of consumers and was deeply involved in protecting consumers following the hurricanes," said LaCost. "While not blind to the concerns of businesses, Deputy Commissioner Donelon clearly focused on doing what is best for Louisiana," LaCost said.

SOURCE: PCI