Louisiana Urges Policyholders to Claim LA Citizens Assessment Rebate

The Louisiana Department of Insurance has issued a press release from Louisiana Insurance Commissioner Jim Donelon and Louisiana Department of Revenue Deputy Assistant Secretary Gary Matherne urging anyone who has had a property and casualty policy during the last four (4) years to claim the rebate for the Louisiana Citizens Property Corporation assessment charged on that policy.

An estimated $268 million of assessment rebate remains unclaimed.
More than $11 million of the LA Citizens assessment for 2007 has not been claimed, and the deadline to make claims for 2007 is December 31, 2011. Additionally, an estimated $268 million of the total rebate amount available for 2007 through 2011 remains unclaimed.[1]

Louisiana Citizens Property Insurance Corporation is a nonprofit corporation "created to provide insurance products for residential and commercial property applicants who are in good faith entitled, but unable, to procure insurance through the voluntary insurance marketplace."[2]

Rebates may be available to those who owned certain types of insurance policies in Louisiana between 2007 and 2011.
Individuals and business may have been assessed by LA Citizens if they procured or held insurance policies for one or more of the following lines of business in Louisiana: fire, homeowners' multiperil, allied lines, the property insurance portion of commercial multiperil policies, and the business interruption insurance portion of commercial multiperil policies, or such interruption insurance with respect to commercial properties on a monoline basis.[3]

Policyholders who paid the LA Citizens assessment as part of their insurance premiums are eligible to receive the rebate. Eligible policyholders can claim the rebate as soon as they pay the insurance premium including the assessment, or when filing the Louisiana State Tax Return due each May.[4]
Commissioner Donelon explained that claiming the rebate is simple:
Just fill out the Louisiana Department of Revenue tax form for the year in which you paid the Citizens Assessment and mail or fax it in with your insurance declaration page showing the assessment has been included in the insurance premium. The whole process doesn’t take more than ten minutes.[5]
More information is available from the Louisiana Department of Insurance: LA Citizens assessment rebate press release. The tax forms are also available from the Louisiana Department of Insurance: LA Citizens assessment rebate forms.


No comments:

Post a Comment