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Historically, the office of Louisiana's insurance commissioner has been plagued by money laundering, mail fraud, perjury, extortion and jail time for three commissioners in the last 15 years.
The Sept. 30 primary race to elect a new state insurance commissioner hinges on who has the most credibility to stabilize the market following Hurricane Katrina - the state's biggest insurance crisis.
"I dare say never in the history of the state has there been a more important election," said Jim Donelon, R-Metairie, the acting commissioner appointed by Robert Wooley, who resigned in February to take a lobbying job with the Adams and Reese law firm in New Orleans.
Donelon is running against term-limited state Sen. James Cain, R- Dry Creek, and Libertarian Party candidate S.B.A. Zaitoon, a Baton Rouge insurance broker spending just the $600 qualifying fee on his campaign.
Cain reported he has more than $1 million available for campaign spending while Donelon reported $800,000.
The two have attacked each other's credibility.
Donelon accused Cain of taking $60,000 in campaign money from an Alexandria bail bondsman and being involved in a $80,000 pyramid scheme against residents.
Cain says Donelon awarded a Tulane University legislative scholarship to his daughter while in the state House and said the incumbent made more than $500,000 by representing the Louisiana Insurance Guaranty Association, which handles failed insurance companies. Donelon, however, had already fully disclosed the scholarship.
Political posturing
Zaitoon said the political mudslinging between the two candidates is "foolish" and proof positive the position should be governor- appointed instead of elected by...