Posted on 03/09/2007 7:51:56 AM PST by Ellesu
BATON ROUGE -- Louisiana's bulwark insurer of last resort has lost its financial records for the past two years, probably because of mishandling of its computer software program, the state's legislative auditor revealed to a group of high-level state officials and legislators Tuesday.
The board of the Louisiana Citizens Property Insurance Corp. will hold a special meeting today at 2:30 p.m. to address the issue, which shocked many of those at the auditor's meeting because of the implications for customers, bondholders and the state insurance market's ability to cope with future catastrophes. At least several Citizens board members were unaware of the problem until this week.
Legislative Auditor Steve Theriot said his office became aware of the problem in the past week. The lack of financial records makes it impossible to know whether there has been any malfeasance or fraud, he said.
"Without having an accounting record, you don't know what's there," he said. "We've gone through two years with no financials. We don't know what the operations for Citizens is. Are they breaking even, are they losing money? We don't know."
It was not known Tuesday how long the managers of Citizens had known about the problem and why they hadn't informed the full board of Citizens.
On Feb. 26, a Metairie auditing firm hired to check Citizens' books notified the insurer that it was pulling out of the job because it was unable to extract accounting information from Citizens' software program. All financial data, including information on claims, assessments and operations, are missing for 2005 and 2006.
(Excerpt) Read more at nola.com ...
That's like the lodger saying he's in bed with the landlady because the laundry's late . . .
Blame it on Katrina? By extension, blame it on Bush and his evil weather machine?
Yep, true to form...
This goes farther back than Katrina.
Screwey from the start:
"The Legislature created Citizens three years ago.."
And currently ALL homeowners in LA are sending them money.
A FreepeR asked a few days ago how Massachusetts could keep electing all the Kennedy/Kerry wannabe lookalikes (my phraseology), and I replied that Mass. hasn't elected anyone in years.
I'm the guy that keeps saying we didn't lose to the socialists in November ... the electronic machines were bogus.
I may not have an exact answer (my tagline), but I find it hard to believe that America wants to be socialist.
Nothing has worked in Louisiana for years except for the beer taps in the French Quarter.
Didn't the software come from the Edmond Edwards software company?
Haaa haaa haaaaaaaa!
But, hey, they've still got their records from 2004.
Don't they...???
We were all wondering how inventive the Louisiana politicos would be when it came to getting their hands on Katrina Kash.
We're learning...
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