Fla. Orders Universal Underwriters Return $5.3M in Overcharges

By | September 17, 2006

The Florida Office of Insurance Regulation has ordered Universal Underwriters Insurance Co. to return what the state says are $5.3 million in overcharges to 526 commercial policyholders.

According to Florida Insurance Commissioner Kevin McCarty, the premiums charged on hundreds of commercial policies issued by Universal Underwriters between Jan. 1, 2002, and Sept. 30, 2005, were deemed excessive and above what had been approved as unacceptable.

“We will not tolerate any deviation from the rates approved by this office,” said McCarty. “Florida businesses face many challenges on a daily basis, therefore we will continue to make sure the benefits promised in a policy are delivered and the premiums charged are correct.”

The order also requires Universal to implement procedures to assure that appropriate premiums are charged to Florida businesses in the future.

Latest Comments

  • September 19, 2006 at 10:33 am
    employee says:
    Universal Underwriters is owned by Zurich, who also owns Farmers and Foremost. I\'ve never heard of Lumbermen\'s Underwriting Company, but if Zurich owns them, then yes, UUG ... read more
  • September 18, 2006 at 6:16 am
    Former LUA Employee says:
    I think it is a Lumbermens\' Underwriting company. This could be very damaging for them as they are now struggling. They are out of Overland Park, KS. Google Universal Underwr... read more
  • September 18, 2006 at 6:09 am
    Ex-Farmers agent says:
    Farmers just lost a $115 million lawsuit by it\'s policyholders in San Diego last month for overcharging on it\'s monthly bills. Is this more bad news for the once mighty Far... read more
See all comments

Add a Comment

Your email address will not be published. Required fields are marked *

*

More News
More News Features