SHREVEPORT, LA (KSLA) - LSU Shreveport's School of Business was cut a six-figure check on Wednesday.
S. Denise Gardner, Chief Deputy Commissioner of the Louisiana Department of Insurance, presented LSU Shreveport with a check for $460,000 on behalf of Louisiana Insurance Commissioner Jim Donelon, according to a news release.
"I was very pleased to be presented with this check from the Louisiana Department of Insurance," said Dr. Nancy Miller, Dean of the College of Business, Education, and Human Development, in a news release. "A gift of this magnitude will positively influence the School of Business for many years to come. This donation supports the School of Business mission to empower faculty, students and the community with engaging educational programs."
The funds came from an insurance education fee fund established because of the liquidation of AmCare.
"The dissolution of a company is never a pleasant thing but I am glad to report that this ending is going to have a beneficial outcome," said Insurance Commissioner Jim Donelon, in a news release. "We have been able to pay those to whom money was owed and we are investing the remaining funds in our next generation through educational insurance and business programs at these institutions."
The Louisiana Department of Insurance — as well as Texas and Oklahoma regulators, filed a lawsuit suit against Health Net Inc., the parent company of AmCare.
After the Louisiana Supreme Court ruled in the Department of Insurance's favor — along with Texas and Oklahoma — each was awarded compensatory and punitive damages.
The law allowed for the Commissioner of Insurance to disburse the funds according to a plan approved by the court.
The money came at the right time since The School of Business is about to undergo reaffirmation of accreditation with the AACSB, the professional business school accreditation organization.