Hartford, Conn.-based The Hartford Financial Services Group has entered into a consent agreement with the Florida Office of Insurance Regulation.
Under the agreement, The Hartford will issue refunds or credits totaling $48.2 million to Florida businesses for excess profits it earned on its workers’ compensation policies for accident years 2004, 2005 and 2006. The Hartford has 60 days from the date of the agreement to provide refunds or renewal credits and to provide documentation of its compliance.
“During these tough economic times, Florida businesses will receive a very significant and important return of premium,” Florida Insurance Commissioner Kevin McCarty said in a statement. “Companies certainly are entitled to earn reasonable profits; but the excess profit law protects Florida business owners from paying more than what is actuarially justified.”
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