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Disability Law

: Florida Workers’ Compensation Law Blog

Insurance Commissioner Orders Excess Workers' Compensation Insurance Profits Returned

By David A. McCranie, Esq.

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Florida Insurance Commissioner Kevin McCarty has ordered 6 workers' compensation insurance carriers to refund $4.2 million in excess profits to their employer policyholders.  "Excess profits" result when the workers' compensation insurance carrier's "underwriting gain" for workers' compensation insurance exceeds its "anticipated underwriting profit" by a factor of 5%.  See §627.215(7)(a), Fla. Stat.

 

You can read the story from the Insurance Journal here and the official press release from the Office of Insurance Regulation here.

Full post as published by Florida Workers’ Compensation Law Blog on February 29, 2008 (boomark / email).

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