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.
Was this article valuable?