Florida Insurance Commissioner Kevin McCarty has issued a consent order requiring United Property & Casualty Insurance Company to refund millions of dollars in unapproved homeowners' insurance rate increases.

Last October, according to the commissioner, United began charging its customers higher insurance rates before the Florida Office of Insurance Regulation officially approved the rate increase. This was allowed under Florida law at that time and was referred to as a "use and file" rate increase.

However, the law also stated that if the regulators reviewed the increase and determined that it was too high, they had the authority to require the company to return to policyholders the difference between the original rate charged and the rate ultimately approved by the OIR.

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