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TALLAHASSEE, Fla.--The Chubb Group has agreed to refund its Florida workers compensation policyholders more than $13 million in "excess profits," the Florida Office of Insurance Regulation announced Thursday.
The refund stems from premiums paid from 2002 through 2004. The Office of Insurance Regulation said in a statement that it discovered the "excess profits" during an exam of annual financial data submitted by Chubb companies.
Neither the statement, nor a consent order that Chubb agreed to without appeal, defined excess profits. But Florida law caps workers comp insurer profits and insurers are required to return any excess or credit their policyholders.