Over $5 Million In Commercial Insurance Refunds To Be Returned To Florida Businesses
TALLAHASSEE (9/8/2006) – Florida Insurance Commissioner Kevin McCarty today ordered $5.3 million in premium overcharges to be returned to commercial policyholders in the state. The overcharges were found in a market conduct investigation conducted by the Office of Insurance Regulation.
Universal Underwriters Insurance Company (Universal) must refund premium overcharges in excess of its filed rates on 526 "Unicover" policies issued from January 1, 2002 through September 30, 2005.
"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 develop and implement procedures to assure that appropriate premiums are charged to Florida businesses in the future.
# # #