Sixteen workers’ compensation insurance firms were ordered to more return more than $9.4 million in excessive profits to their policyholders according to Florida Insurance Commissioner Kevin McCarthy.
The Florida Office of Insurance Regulation, after analyzing the firms’ premium and incurred losses, determined the profits excessive and state law requires insurers to refund those excessive profits in 2005, 2006 and 2007. (workersxzcompxzkit)
Ordered to refund profits are:
St. Paul Travelers Group $ 5,291,320
The Liberty Mutual Insurance Cos. $ 1,071,841
American Interstate Insurance Co. $ 867,843
Guard Insurance Group $ 835,474
OneBeacon Insurance Group $ 733,028
Transguard Insurance Co. of America $ 187,118
Safety National Group $ 136,512
MAG Mutual Insurance Co. $ 132,618
Florists’ Insurance Group $ 83,131
Ullico Casualty Co. $ 29,927
Memic Indemnity Co. $ 17,097
Westfield Cos. $ 12,859
State Auto Mutual Group $ 11,293
Hanover Insurance Group $ 6,140
Harco National Insurance Co. $ 4,530
Indiana Lumbermen’s Mutual Ins. Co. $ 913
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Click Here: http://www.workerscompkit.com/gallagher/podcast/Non_Compliance_with_Recordkeeping_Standards/
