People with property insurance have until Dec. 31 to claim a rebate for the 2010 Louisiana Citizens Property Insurance Corp. assessment.
More than $50 million, or 52 percent of the 2010 assessment, hasn’t been claimed, according to Insurance Commissioner Jim Donelon.
All Louisiana property insurance policyholders pay the assessment, regardless of whether they are Citizens customers.
They are supposed to claim a rebate on the annual assessment when they file their annual state income tax return forms. Those who fail to do so have four years to claim the rebate.
From 2006 to 2009, more than $255 million in rebates went unclaimed and the ability to claim those funds has expired, Donelon said.
For 2010 to 2014, 61 percent, or $269 million, of the funds assessed during those years remains unclaimed.
The assessment was imposed to help pay off nearly $1 billion Citizens had borrowed to pay Hurricane Katrina claims.
Individuals and businesses can claim rebates at ldi.la.gov/CitizensRebateForms.html. People also can go to www.revenue.louisiana.gov/Eservices/LouisianaFileOnlineLinks.
Donelon also reported that Citizens, which is the state’s insurer of last resort, has completed its eighth round of “depopulation” — the process of sending policies to other property insurers who request them. The latest round means Citizens will have fewer than 88,000 personal and commercial policies.
Citizens’ share of the homeowners’ market will drop to an estimated 1.8 percent, making it the ninth-largest insurer in the state. At the end of 2013, Citizens had 2.3 percent of the homeowners market. At its peak in 2008, Citizens controlled 9.8 percent of the homeowners market.
The Associated Press contributed to this report.