Posted on February 29, 2008 by David McCranie

Insurance Commissioner Orders Excess Workers' Compensation Insurance Profits Returned

Florida Insurance Commissioner Kevin McCarty has ordered 6 workers' compensation insurance carriers to refund $4.2 million in excess profits to their employer policyholders.  "Excess profits" result when the workers' compensation insurance carrier's "underwriting gain" for workers' compensation insurance exceeds its "anticipated underwriting profit" by a factor of 5%.  See §627.215(7)(a), Fla. Stat.

 

You can read the story from the Insurance Journal here and the official press release from the Office of Insurance Regulation here.

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