Company generated profit in its workers' compensation business in 2004, 2005 and 2006
The Hartford Financial Services Group will refund $48.2 million to workers’ compensation policyholders in the state of Florida.
The Hartford generated profit in its workers’ compensation business in 2004, 2005 and 2006, qualifying customers for a pro-rata share of the $48.2 million cash refund. It represents the underwriting profit which the company generated in excess of the allowable amount.
While workers’ compensation rates are filed with and approved by the Florida Office of Insurance Regulation (OIR), the state also has an excess profits law that stipulates the maximum amount of underwriting profit insurance companies can generate over a three year period.
Each year, insurers that write workers’ compensation and employer’s liability in the state generally must file their premium, loss, and expense results for the three previous years with the state.
The Hartford’s Loss Control Department works directly with policyholders, assisting them in understanding workplace conditions that can cause employee injuries, which may result in significant expense to the employer.
The Hartford is an insurance-based financial services company that serves households, businesses and employees by helping to protect their assets and income from risks, and by managing wealth and retirement needs.