Florida DOI

The Florida DOI (Florida Office of Insurance Regulation) announced recently that the Office has ordered 16 workers' compensation insurance companies to give back over $9.4 million in excess profits to their policy holders. Florida Insurance Commissioner Kevin McCarty made the official announcement.

The Florida Office performed an evaluation of submitted data that had earned premium and losses. They determined that 16 various insurance companies had excessive profits which is defined by the statute for the '05, '06, and '07 years.

The companies include American Interstate Insurance Co, Florists' Insurance Group, Hanover Insurance Group, Guard Insurance Group, Harco National Insurance Co, Indiana Lumberman's Mutual Insurance Co, Liberty Mutual Insurance Companies, MAG Mutual Insurance Co, Memic Indemity, One Beacon Insurance Group, Safety National Group, St. Paul Travelers Group, State Auto Mutual Group, Transguard Insurance Company of America, Ullico Casualty Co, and the Westfield Companies.

The Insurance companies have 60 days from the date of the request to return the premiums to their customers.