Treasurer Kennedy Says Policyholders and Benefit Claimants Will Get Their Money Back

BATON ROUGE, LA – Louisiana joined 47 states and the District of Columbia in an audit to return tens of millions of dollars in Unclaimed Property to policyholders and benefit claimants of State Farm Insurance Companies, announced State Treasurer John Kennedy. Louisiana will receive approximately $1.6 million from the settlement, which was the first of its kind for the state.

I’m pleased that State Farm is working with us to return money that belongs to Louisiana citizens, not the insurance companies, said Treasurer Kennedy. The Treasury will do everything possible to make sure that people get their money in a timely manner.

Louisiana law requires companies who have lost contact with their customers, shareholders and vendors to transfer unclaimed money to the Louisiana Department of the Treasury for safekeeping. The department works to find owners of Unclaimed Property and has returned more than $3 million this year.

For the most part, businesses in the state do a good job of reporting Unclaimed Property, said Treasurer Kennedy. We wouldn’t have $184 million to return to Louisiana citizens if they didn’t. But we’ve still got some work to do. I encourage Louisiana companies to work with us like State Farm did in giving back money that belongs to the people.

Businesses who do not know how to report over payments, refunds or other types of Unclaimed Property are encouraged to call the Treasury toll-free at 1-888-925-4127. Written inquiries can be sent to the Louisiana Department of the Treasury, Unclaimed Property Division, P.O. Box 91010, Baton Rouge, LA, 70821-9010.

State Farm policyholders and benefit claimants who have failed to negotiate payments or who have never received payments are encouraged to look for Unclaimed Property on the departments Web site, located at www.treasury.state.la.us, periodically. The department encourages citizens to visit the site often, because its online database is updated regularly.

Contact:
Sarah Mulhearn, Communication Director
(225) 342-0012