Gov. Marc Racicot, president of the American Insurance Association (AIA), today issued a statement following the Louisiana Supreme Court’s decision regarding Landry v. Louisiana Citizens. Gov. Racicot’s statement is below: “The AIA is encouraged by the court’s decision today in favor of Louisiana Citizens. The Court issued a well reasoned opinion, one that demonstrates the Valued Policy Law (VPL) is, as stated, a valuation statute and ‘does not address causation.’ “Nonetheless, it will be left to other cases to clarify the unanswered issues of the VPL’s application when an insurer has not opted out of its application but we are optimistic that the Court understands the importance of these issues. “Having dependable agreements is the bedrock of our economy and today’s decision continues the path to economic recovery and greater insurance market stabilization for the state of Louisiana."
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