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You are here: Home / Buyers Guide: Workers Compensation Insurance / Broker Issues & Relationships / Insurance Companies Ordered to Return $9.4 Million in Excess Profits

Insurance Companies Ordered to Return $9.4 Million in Excess Profits

May 24, 2010 By //  by Rebecca Shafer, J.D. Leave a Comment

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.

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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

FREE DOWNLOAD: “How to Calculate Your Minimum Experience Mod, Controllable Premium & the Revenue Impact”

The companies have 60 days from May 18 to make good on refunds or credits to policyholders. Call your insurance broker, if you think you may be entitled to a refund.

Author Rebecca Shafer, J.D., Consultant, Amaxx Risks Solutions, Inc. has worked successfully for 20 years with many industries to reduce Workers’ Compensation costs, including airlines, healthcare, manufacturing, printing/publishing, pharmaceuticals, retail, hospitality and manufacturing. She can be contacted at: [email protected] ReduceYourWorkersComp.com or 860-553-6604.

Podcast: KNOW the New OSHA Recordkeeping Rules — OR Risk Fines and Criminal Penalties.
Click Here: http://www.workerscompkit.com/gallagher/podcast/Non_Compliance_with_Recordkeeping_Standards/
Do not use this information without independent verification. All state laws vary. You should consult with your insurance broker or agent about workers’ comp issues.

©2009 Amaxx Risk Solutions, Inc. All rights reserved under International Copyright Law. If you would like permission to reprint this material, contact [email protected]

FREE DOWNLOAD: “How to Calculate Your Minimum Experience Mod, Controllable Premium & the Revenue Impact”

Filed Under: Broker Issues & Relationships Tagged With: Workers Compensation Firms

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