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According to the Florida Office of Insurance Regulation, the Chubb Group agreed to refund its workers compensation policyholders in Florida more than $13 million. The refund stems from premiums paid from 2002-2004.
Published on July 23, 2007
In the Office of Insurance Regulation’s statement, it discovered the “excess profits” during a review of annual financial data submitted by Chubb companies.
“Excess profits” was not defined either in the statement or consent order that Chubb agreed to without appeal. But Florida law caps workers comp insurer profits and carriers are required to return any excess or credit their policyholders.
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