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Florida Insurance Commissioner Kevin McCarty has ordered 16 workers’ compensation insurance companies or groups to return a total of over $9.4 million in excessive profits to their policyholders.

Workers’ compensation insurers are required to return excess profits pursuant to Section 627.215, Florida Statutes. McCarty’s office recently performed an evaluation of submitted data that included earned premium and incurred losses. The office determined that 16 different workers’ compensation insurance companies or groups realized excess profit as defined by statute for the 2005, 2006 and 2007 calendar/accident years.

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