Nationwide Insurance Company and the Florida Office of InsuranceRegulation have reached an agreement for the company to re-examinewhat one official said were "millions in underpayment" of lastyear's hurricane damage claims.
Under the agreement Columbus, Ohio-based Nationwide willcomplete an audit of claims from the 2004 hurricane season to findany instances when multiple deductibles were incorrectly applied toa claim and reimbursement was not made as part of Florida'smultiple deductible grant reimbursement program.
The company and Florida authorities said the company agreed topay $250,000 in administrative costs for the investigationconducted by state regulators.
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