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.
Topics Florida Underwriting
Was this article valuable?
Here are more articles you may enjoy.
‘Structural Shift’ Occurring in California Surplus Lines 
Florida Insurance Costs 14.5% Lower Than Without Reforms, Report Finds 
Insurance Issue Leaves Some Players Off World Baseball Classic Rosters 
AIG Underwriting Income Up 48% in Q4 on North America Commercial 
