Louisiana policyholders lose $133 million

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Posted: Jan 8, 2011 12:28 PM
Source: Associated Press

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Topics: baton, rouge, property, insurance, policyholders, rebates, lost, assessments, wbrz, louisiana, state, treasurey

BATON ROUGE - Property insurance policyholders in Louisiana have lost almost $133 million in rebates that had been available before the end of 2010.

Insurance Commissioner Jim Donelon says the money is part of the assessments paid by private home and commercial policyholders for the Louisiana's property insurer of last resort. Rebates from the 2006 assessments have now gone into the state treasury.

Since 2006, property insurance holders have paid special assessments to pay off bonds to keep Louisiana Citizens Property Insurance Corp. solvent. The company was hit by a torrent of claims following hurricanes Katrina and Rita.

Donelon told The Times-Picayune that rebates for 2007 through 2010 can still be claimed.

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