Private Company Takes Over La. Citizens Property Corp. - KPLC 7 News, Lake Charles, Louisiana

Private Company Takes Over La. Citizens Property Corp.

April 5, 2007

Reported by: Associated Press

Private consultants will take over management of Louisiana's state-controlled insurer of last resort after the firm's outgoing chief collapsed and its chief financial officer resigned.

Terry Lisotta, secretary of Louisiana Citizens Property Insurance Corporation, collapsed at the company's Metairie offices yesterday and was hospitalized. Chad Brown, chairman of the firm's board, says Lisotta apparently has a blood pressure problem. He later added: "I think he's doing OK."

Board members yesterday voted unanimously to give daily management duties of the company to Bostick/Crawford Consulting Group -- the firm that has been investigating Citizens'  accounting troubles. Lisotta had previously told the board he was leaving the post.

Citizens insures homeowners who can't find policies on the open market. The company has been beset with troubles over the past year. Since the 2005 hurricanes it has become Louisiana's fastest-growing property insurer, as private firms stopped writing new policies.

The company does not know how much money it has, because of bookkeeping troubles. Citizens also has an unrelated software problem that so far has made it impossible to audit its records.

Caryl Mathes, the chief financial officer, has said she'll cooperate with the consultants' investigation but has resigned her duties.

If the bookkeeping troubles aren't fixed soon, they could interfere with the company's ability to buy necessary reinsurance before the start of the six-month hurricane season that starts June 1.

Billy Bostick, of Bostick/Crawford, said he will be able to report to the board within a week on how serious the problems are and what can be done to balance the books.

  • More Local NewsNewsMore>>

  • Residents off Nelson Road complain about mail delays

    Residents off Nelson Road complain about mail delays

    Thursday, December 14 2017 9:18 PM EST2017-12-15 02:18:58 GMT

    It's not unusual to hear complaints about the U.S. Postal Service in our area. The latest comes from a neighborhood off Nelson Road where residents say they no longer get daily delivery. "Whether snow, sleet or rain or whatever it   should be delivered," said Terry Bellard, who lives at Smith Village mobile home community. Residents say their mail is no longer delivered regularly.

    More >>

    It's not unusual to hear complaints about the U.S. Postal Service in our area. The latest comes from a neighborhood off Nelson Road where residents say they no longer get daily delivery. "Whether snow, sleet or rain or whatever it   should be delivered," said Terry Bellard, who lives at Smith Village mobile home community. Residents say their mail is no longer delivered regularly.

    More >>
  • BREAKING

    Congressman: Bayou Bridge Pipeline approved

    Congressman: Bayou Bridge Pipeline approved

    Thursday, December 14 2017 7:16 PM EST2017-12-15 00:16:41 GMT
    (Source: KPLC)(Source: KPLC)

    The Army Corps of Engineers plans to issue the necessary permits for the Bayou Bridge pipeline, according to a news release from the office of Congressman Clay Higgins. The news release said Colonel Michael Clancy, of the Army Corps of Engineers, announced Thursday that the New Orleans District has concluded its environmental assessment and will issue necessary permits to Bayou Bridge Pipeline, LLC. Higgins office says the pipeline is a $750 million investment that is estimated...

    More >>

    The Army Corps of Engineers plans to issue the necessary permits for the Bayou Bridge pipeline, according to a news release from the office of Congressman Clay Higgins. The news release said Colonel Michael Clancy, of the Army Corps of Engineers, announced Thursday that the New Orleans District has concluded its environmental assessment and will issue necessary permits to Bayou Bridge Pipeline, LLC. Higgins office says the pipeline is a $750 million investment that is estimated...

    More >>
  • FIRST ALERT FORECAST: Rain chances increasing this weekend and through next week

    FIRST ALERT FORECAST: Rain chances increasing this weekend and through next week

    Thursday, December 14 2017 5:17 PM EST2017-12-14 22:17:41 GMT
    Rain chances increasing the next few daysRain chances increasing the next few days

    Tonight, skies will be cloudy but we will have a very little chance for rain. It will be slightly warmer overnight. Winds are still blowing out of the south, and that has slightly increased our humidity, and will therefore prevent temperatures from falling tonight. Most of Southwest Louisiana will cool down to the mid 40s, while a couple places may reach the upper 30s. Early Friday morning could have a few light showers near the coast. There is a 20% chance we see some rain.

    More >>

    Tonight, skies will be cloudy but we will have a very little chance for rain. It will be slightly warmer overnight. Winds are still blowing out of the south, and that has slightly increased our humidity, and will therefore prevent temperatures from falling tonight. Most of Southwest Louisiana will cool down to the mid 40s, while a couple places may reach the upper 30s. Early Friday morning could have a few light showers near the coast. There is a 20% chance we see some rain.

    More >>
Powered by Frankly