LA| Directive 226 from the Louisiana Department of Insurance, addresses the collection of emergency assessments by authorized property and casualty insurers. Issued on March 21, 2025, it reminds insurers of their duty to accurately charge and collect these assessments as levied by the Louisiana Citizens Property Insurance Corporation (LCPIC).
Key Points:
- Compliance and Review: Insurers must review their records within 30 days to ensure compliance with relevant laws and update their systems to reflect any changes in emergency assessment rates or regulations.
- Guidelines and Procedures: Insurers are directed to follow the guidelines outlined in Directive 198 (Revised and Reissued), which details the process for imposing and collecting emergency assessments and remitting funds to LCPIC.
- Reporting and Enforcement: Insurers must self-report any errors identified during the review to the LDI. Noncompliance with Directive 226 may result in administrative action by the LDI.