The Florida Office of Insurance Regulation (OIR) approved the acquisition of AmCOMP by Employers Holdings Inc. after AmCOMP settled unresolved excessive profit issues with regulators.
The issue dates back to May 19 when AmCOMP said it received a "Notice of Intent to Issue Order to Return Excess Profit" from the OIR. Some AmCOMP subsidiaries challenged the notice.
According to Florida regulators, workers' compensation insurers are required to return profits in excess of 5 percent in accordance with Florida statutes.
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