Insurance Commissioner reminds policyholders of deadline to claim rebates
Insurance Commissioner Jim Donelon reports ongoing progress in the shift of policies to the private market from the state’s insurer of last resort, Louisiana Citizens Property Insurance Corporation (Citizens).
At the same time, he is also reminding property insurance policyholders that the deadline to claim a rebate for the Citizens Assessment charged on their 2011 insurance policies is December 31, 2015. Nearly $34 million, or 52 percent, of the refundable assessments available for 2011 remains unclaimed.
“If you pay property insurance in Louisiana, whether to Citizens or another insurer, you are entitled to the rebate,” said Commissioner Donelon. “However the opportunity to claim the assessment rebate expires after four years, so time is quickly running out to claim the rebate for 2011.”
Following the passage of Act No. 125 of the 2015 Legislative Session, 72 percent of the assessment is refundable. The dollar amount of the assessment can be found on the declaration page of your insurance policy. More than $306 million, or 53 percent, of the available rebates for 2006-2010 have already expired.
Rebates can be requested online, on paper or on your annual tax return. Policyholders may claim the rebate by filling out a one-page form on paper or online and attaching a copy of the insurance policy’s declaration page which shows the amount of your assessment.
Residential and commercial forms and additional information is available on the Louisiana Department of Insurance Citizens Rebate webpage www.ldi.la.gov/citizensrebate. The rebate can also be claimed as a tax credit on your Louisiana Income Tax Return for the appropriate year.
Policyholders can claim rebates for assessments charged in years 2011 through 2015. To date, $195 million, or 62 percent, of the funds available for those years remains unclaimed.
Posted on Tue, December 1, 2015
by The Lafourche Gazette