hartford financial refund

Document Sample
hartford financial refund Powered By Docstoc
					-NEWS FROM THE FLORIDA OFFICE OF INSURANCE REGULATION
FOR IMMEDIATE RELEASE
Aug. 12, 2009
Contact: Jack McDermott
850-413-2515
Jack.McDermott@floir.com
Tom Zutell
850-413-2515
Tom.Zutell@floir.com
Hartford Financial Services Group to Refund $48 Million in Excess Workers’
Comp Profits to Florida Businesses
TALLAHASSEE, Fla. – Florida Insurance Commissioner Kevin McCarty today announced the
Office of
Insurance Regulation (Office) and the Hartford Financial Services Group (Hartford) have entered
into a consent agreement whereby 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. Hartford’s refund will bring the total amount of refunded excess
workers’ comp profits for all companies workers’ comp writers in Florida to more than $98.8
million so far this year. Over $29.7 million in excess workers’ comp profits were refunded to
Florida businesses in 2008.

“During these tough economic times, Florida businesses will receive a very significant and
important return of premium,” said Commissioner McCarty. “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.” Hartford must provide refunds or renewal credits within
60 days from the date of this order and provide documentation of its compliance to the Office.
In addition, Hartford must certify that it has attempted to locate all policyholders whose refund
checks are returned; and if unable to locate those policyholders, the funds must be processed as
unclaimed or abandoned property pursuant to Chapter 717, Florida Statutes. Hartford also must
pay the Office $5,000 in administrative costs.

About the Florida Office of Insurance Regulation
The Florida Office of Insurance Regulation (Office) has primary responsibility for regulation,
compliance and enforcement of statutes related to the business of insurance and the monitoring
of industry markets. The Office protects Florida consumers through regulatory oversight of:
insurance company solvency, policy forms and rates, market conduct performance and new
company entrants to the Florida market. For more information about the Office, please visit
www.floir.com. If you would like information about the Cover Florida Health Care Access
Program, please go to www.coverfloridahealthcare.com.

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:1
posted:9/16/2012
language:Latin
pages:1