Workers' comp insurers must repay customers

Posted on May 20, 2010
Florida workers' compensation insurers must start paying back customers: a state in law Florida requires that any excess profits made by workers' compensation insurers must be returned to policy holders.

The Florida Insurance Commissioner Kevin McCarthy has ordered that 16 insurance companies must pay a total of $9.4 million back to customers. Newly released data revealed that the companies in question realized excess profits in 2005, 2006 and 2007.

According to the law, they now have 60 days following McCarthy's announcement on Tuesday to make refunds or credit policy renewals or they will face penalties from the state government.