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

Topics Carriers Profit Loss Workers' Compensation Excess Surplus

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  • September 24, 2006 at 11:30 am
    Murray H. Peroff says:
    Mr. Recall, I was not the one who used the worn out \"commie\" tag. YOU brought that back from the 1950\'s! Go back to your mentor, Sen. McCarthy, & you & he can can label any... read more
  • September 21, 2006 at 8:49 am
    Mr. Recall says:
    Mr. Peroff, What the heck are you talking about? Are you mad because a company might be doing something right? What do campaign contributions have to do with loss ratios? Foll... read more
  • September 21, 2006 at 8:36 am
    Murray H. Peroff says:
    When are Kevin McCarthy and the real bosses,Tom Gallagher and Jeb Bush,going to go after UNITED AUTO, who have consistantly had under 20% loss ratios??? Or is that OK because ... read more

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