Florida insurance regulators have leveled fines and ordered refunds on six insurers, according to consent orders that were recently posted.
The violations cited vary from failing to file scheduled paperwork on time to overcharging on auto policies.
Liberty Mutual, according to one consent order, overcharged on approximately 46,053 auto policies and ordered to pay $4.7 million in refunds.
The company responded with the following statement:
“We applied a new rate program in Florida and filed it with the Office of Insurance Regulation (“FLOIR”). Under state regulations, carriers can immediately implement their actuarially indicated rates and make adjustments after FLOIR review. Our rates were subsequently confirmed with some modifications and FLOR requested the refund of some premiums to impacted customers, which we are in the process of completing.”
Another auto insurer, Peerless Indemnity, is being told to offer to pay $76,000 in refunds.
Fines were also issued for failing to file paperwork on time to Gateway ($3,000), Pie Casualty ($6,250), Pie Insurance ($3,000) and Pie Insurance ($12,500).
Insurance insiders said the consent orders send a clear message about how Florida’s Office of Insurance Regulation plans to keep an eye on companies as the state tries to stabilize the insurance market.
“We’re in constant contact with the carriers in our state,” Chief Financial Officer Jimmy Patronis said. “We want them to do well, and we want them to do right by our citizens.”