Fla. Orders 5 Workers' Comp Insurers to Refund 'Excess Profits'

September 19, 2006

Florida Insurance Commissioner Kevin McCarty has ordered five workers' compensation insurance carriers to return what his department has determined are excessive profits totaling $649,363.00.

Workers' compensation insurers are required to return profits in excess of five percent under state law.

The five companies that have been ordered to return premiums to policyholders are ACIG Insurance Co. ($45,100), Alaska National Insurance Co. ($329,577), Fairmont Specialty Insurance Co. ($127,581), Harco National Insurance Co. ($242), and Pennsylvania National Mutual Casualty Insurance Co. ($146,863).

"This is good news for those that are due returned premium," said McCarty. These businesses dutifully paid premiums to protect their workers, and now they can devote some of that revenue to other purposes."

The carriers have 60 days from the date of the order to return the premiums or provide policy renewal credits.

Source: Florida Office of Insurance Regulation