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JEFFERSON CITY, Mo.--Missouri Gov. Matt Blunt said workers compensation insurers refunded nearly $2.5 million to more than 21,000 Missouri policyholders.
The refunds, announced Monday, followed an error that Boca Raton, Fla.-based NCCI Holdings Inc. discovered in 2005. The error began in 2003, when the NCCI's rate-making system omitted historical payroll data, which caused employers' loss costs to rise more than necessary and led to premium increases.
Missouri was one of 12 states to request that the NCCI recalculate its loss costs, the governor said in a statement.
The average return for Missouri policyholders was approximately $121, and the largest single amount returned to one business was $107,259.