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Dean Nancy Miller, Dr. Harvey Rubin, Ms. S. Denise Gardner and Chancellor Larry Clark.
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LSUS School of Business Faculty members eagerly await the check presentation.
S. Denise Gardner, the 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. The funds have been designated to the School of Business.
“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. “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 money was designated from an insurance education fee fund established because of the liquidation of AmCare. The Louisiana Department of Insurance, as well as Texas and Oklahoma regulators, filed suit against the parent company of AmCare, Health Net Inc., over breach of contract and other torts. When the Louisiana Supreme Court ruled in their favor, each state was awarded compensatory and punitive damages. The law allows for the Commissioner of Insurance to disburse the funds according to a plan approved by the court.
“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,” Donelon said. “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 timing of the settlement could not be better for LSUS. The School of Business is about to undergo reaffirmation of accreditation with AACSB, the professional business school accreditation organization.
“The grant to LSUS would not have happened but for the great leadership and tireless work of Dr. Harvey Rubin,” said LSUS Chancellor Larry Clark. “For literally decades, Harvey taught up to six, seven or even eight total academic and professional education courses per semester to serve the financial services/insurance industry. Harvey became the leading advocate for professional standards and accountability within the State of Louisiana. The grant from Commissioner Donelon to LSUS is a testament to Harvey’s accomplishments and impact. I am excited about what Dean Nancy Miller and the faculty may do with this grant to further the overall high quality of our faculty and programs within the School of Business.”