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Message
re: Tort reform bill just passed the house by a veto-proof majority, 72-28.
Posted on 5/29/20 at 4:08 pm to Slippy
Posted on 5/29/20 at 4:08 pm to Slippy
quote:
This just ain't about insurance premiums. It's about economic vitality. In the end it's about competition among insurance companies, fair rates, and JOBS. Yes, jobs. If businesses think they won't get fricked by the legal system, they are more likely to locate here.
Exactly. The reason that Louisiana stays poor and stupid is because of the almost reverence we have for corruption, fraud and fleecing by the scumbag politicians and plaintiff attorneys. They have absolutely destroyed the state. The only thing insurance companies have done is pack up and leave, reducing competition and creating a very unfavorable market for consumers and businesses. We need to create an environment that will foster economic growth. Insurance and litigation climate is a huge part of that. Anyone against it is either stupid (democrats) or on the take (the parasitic plaintiff bar). That's it.
0
Posted on 5/29/20 at 4:12 pm to uway
Let’s start the clock now and see where rates are in two to three years. What would make the bill successful? 10% reduction? 10th worst rates in the nation? Let’s go on record and see if the bill will do what it proposes it will.
This post was edited on 5/29/20 at 4:18 pm
Posted on 5/29/20 at 4:12 pm to uway
(no message)
This post was edited on 2/10/21 at 3:49 pm
Posted on 5/29/20 at 4:12 pm to Slippy
Can we get a Lawyer board for topics like this.
Posted on 5/29/20 at 4:17 pm to boosiebadazz
quote:
Let’s start the clock now and see where rates are in two to three years. What would make the hulk successful? 10% reduction? 10th worst rates in the nation? Let’s go on record and see if the bill will do what it proposes it will.
Why wouldn’t they agree to put in a sunset provision?
Posted on 5/29/20 at 4:17 pm to boosiebadazz
quote:
Let’s start the clock now and see where rates are in two to three years. What would make the hulk successful? 10% reduction? 10th worst rates in the nation? Let’s go on record and see if the bill will do what is proposes it will.
I think it is going to take 3-5 years before we would see a real difference, particularly when you are talking about new insurers feeling comfortable enough to re-enter the market here. It is the increased in competition that will be the real catalyst for rate reduction, not attempted mandates on those who are already here.
Posted on 5/29/20 at 4:18 pm to DevilDagNS
So let’s put some numbers out there. In five years, rates should have gone down by ___% for the bill to be considered a success?
10?
20?
10?
20?
Posted on 5/29/20 at 4:20 pm to boosiebadazz
I'd say 20% but I'm no expert.
FWIW, I'm 100% in favor of this bill.
FWIW, I'm 100% in favor of this bill.
This post was edited on 5/29/20 at 4:20 pm
Posted on 5/29/20 at 4:20 pm to boosiebadazz
It will be at least a 10% reduction in the early stages. Evidently insurers have agreed in principle to this if the bill passes. I don't have a link, nor can I verify it. That's what Garofalo said on the floor of the house.
Posted on 5/29/20 at 4:22 pm to boosiebadazz
quote:
So let’s put some numbers out there. In five years, rates should have gone down by ___% for the bill to be considered a success?
10?
20?
I feel like I must be missing something if you are expecting non-lawyers to say that a 10% reduction in rates won't be a success.
Posted on 5/29/20 at 4:24 pm to boosiebadazz
quote:
Let’s start the clock now and see where rates are in two to three years. What would make the bill successful? 10% reduction? 10th worst rates in the nation? Let’s go on record and see if the bill will do what it proposes it will.
How about let’s watch to see if our rates get higher or if they get lower compared to the other states. If we drop to 50 and fall behind Michigan we know it was a bad bill.
Posted on 5/29/20 at 4:25 pm to Slippy
While I'd gladly pay less for insurance, I don't even really care that much about that. I'd like to see a reduction in frivolous lawsuits, maybe because I recently got fricked over in one.
I'll gladly go to jury duty a few more times just to get rid of half of the Gordon billboards.
I'll gladly go to jury duty a few more times just to get rid of half of the Gordon billboards.
This post was edited on 5/29/20 at 4:26 pm
Posted on 5/29/20 at 4:26 pm to boosiebadazz
I'll call it a success even with a 1% reduction in premiums along with all the other collateral benefits such as expansion of the state economy, new businesses locating here due to a more favorable litigation climate, lower cost of goods and services, increase in the quality of our tax base, and last but not least, the sky screaming of ambulance chasers. This whole gotcha bullshite about the demand for a crystal ball guarantee in rate reduction is obnoxious.
Posted on 5/29/20 at 4:27 pm to boosiebadazz
quote:
10% reduction drops us from 2nd worst to 4th worst
Which indicates just how bad our system is and yet we have people warning about what might happen if we change.
Posted on 5/29/20 at 4:28 pm to fallguy_1978
quote:
I'd like to see a reduction in frivolous lawsuits,
This is a cultural issue in Louisiana, and no law can fix it. Everyone has their hand out, for everything. If we really wanted to limit suits, we would close two or three of the state‘s law schools and stop pumping out 400 billboard lawyers every year
This post was edited on 5/29/20 at 4:30 pm
Posted on 5/29/20 at 4:28 pm to DevilDagNS
quote:
all the other collateral benefits such as expansion of the state economy, new businesses locating here due to a more favorable litigation climate, lower cost of goods and services, increase in the quality of our tax base
save some of that LABI Kool aid for the rest of us. Come on, you think this bill is going to reverse generations of incompetence and corruption?
Call it what it is. Grab bag by the insurance companies and if we see any net benefit to the economy then that’s lagniappe. Mike Foster told us the same thing before tort reform in the 90’s and the business community actually pushed for the higher jury threshold in the 70s to keep claims out of the hands of gullible Louisianans
This post was edited on 5/29/20 at 4:30 pm
Posted on 5/29/20 at 4:32 pm to DevilDagNS
quote:
New businesses
Right. I’m sure the 5% savings on premiums will have them ignoring the pitiful labor market, failing schools, and rampant crime. Maybe Louisiana can get its 20th publicly traded company with this move.
*I also think the crying about the jury limits is silly. Every other state functions just fine.
Posted on 5/29/20 at 4:33 pm to NIH
quote:
Right. I’m sure the 5% savings on premiums will have them ignoring the pitiful labor market, failing schools, and rampant crime. Maybe Louisiana can get its 20th publicly traded company with this move. *I also think the crying about the jury limits is silly. Every other state functions just fine.
It’s definitely not the only thing but we have to start somewhere.
Posted on 5/29/20 at 4:35 pm to boosiebadazz
quote:
save some of that LABI Kool aid for the rest of us.
Come on, you think this bill is going to reverse generations of incompetence and corruption?
Call it what it is. Grab bag by the insurance companies and if we see any net benefit to the economy then that’s lagniappe. Mike Foster told us the same thing before tort reform in the 90’s and the business community actually pushed for the higher jury threshold in the 70s to keep claims out of the hands of gullible Louisianans
What it is is change and all I see is lawyers warning us that change is bad and insurance companies are going to screw us good.
We are second to highest in the nation but we can’t change. You and others are too obvious, you are against change because it’s going to cut into your action. Give it a rest.
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