Workers Compensation Insurance Carriers Ordered To Refund Excessive Profits
TALLAHASSEE (9/19/2006) – Florida Insurance Commissioner Kevin McCarty has ordered five workers' compensation insurance carriers to return excessive profits. The amount of excessive profits realized by the five companies totals $649,363.00.
Workers' compensation insurers are required to return profits in excess of five percent (F.S. 627.215). The five companies that have been ordered to return premiums to policyholders are ACIG Insurance Company ($45,100), Alaska National Insurance Company ($329,577), Fairmont Specialty Insurance Company ($127,581), Harco National Insurance Company ($242), and Pennsylvania National Mutual Casualty Insurance Company ($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 sixty days from the date of the order to return the premiums or provide policy renewal credits.
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