"It's easy to beat up on lawyers…but we need to know how companies invest their insurance premiums."

"It's easy to beat up on lawyers…but we need to know how companies invest their insurance premiums."

Insurance company representatives asked lawmakers not to be too hasty to change the state's insurance system, particularly homeowners insurance. Chuck McMains of the Property and Casualty Insurance Association of Louisiana said a couple of years "breathing room" is needed. State Farm and other insurers testified before the House Insurance Committee about their current status and probable rate increases. Rep. Taylor Townsend said legislators need more information about how an insurance company operates. "It's easy to beat up on lawyers…but we need to know how companies invest their insurance premiums." Townsend said, "We set the policy, not the industry. What measures can we pass this session to help the state?" The committee delayed action on a bill that would eliminate the Louisiana Insurance Rating Commission and give the insurance commissioner final authority on requested rate increases. Lake Charles American-Press, 03/30/2006