Fla. Orders 5 Workers’ Comp Insurers to Refund ‘Excess Profits’

September 19, 2006

  • September 20, 2006 at 1:03 am
    Mr. Recall says:
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    I see the commies have taken hold in Florida. I wonder if Mr. McCarty has any personal stock holdings or a 401k plan that are returning more than 5%. RETURN YOUR EXCESS PROFITS NOW BIG BOY. How can any company do business under these circumstances?

  • September 20, 2006 at 2:18 am
    David Cole says:
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    The Florida Insurance Commish is punishing those insurers for doing their job better than everyone else? Apparently, or is it obviously, he does not have to worry about like treatment from his superiors.

  • September 20, 2006 at 2:44 am
    Ratemaker says:
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    It\’s not just the commish — it\’s a law that\’s been on the books for a while. It applies to Private Passenger auto liability as well.

    I can understand the legislature\’s intent in passing the law — if Work Comp insurance is mandatory for everyone, they want some price control on it to keep costs reasonable.

    The obnoxious thing is that it is essentially punishing a company for good luck. Since rates have to be approved in advance by the Department of Insurance, shouldn\’t it be implied that the DOI did not think that the rates were excessive?

    The law essentially says \”don\’t get lucky.\” You think that the insurance company would ever be allowed to say, \”hey, we had a bad year, I guess our rates weren\’t high enough — Give us more money now?\” Yeah, right…

  • September 20, 2006 at 2:59 am
    Fl Agent says:
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    Look out! Florida is going to be REDUCING WC rates next year-some up to 10-15% – that\’ll show those greedy companies making more than 5% – no in all seriousness, the GOOD WC companies take the additional profits and start additional back to work, safety, and fraud programs, give their employees raises etc – I did not know they could only make a 5% profit – that\’s stupid!

  • September 20, 2006 at 4:31 am
    Ron H. says:
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    I can understand this law if the carriers filed their own rates, but when the state sets the rates, they should not punish carriers for good underwriting and good management or good luck. Now let\’s reduce the rates next year and reduce their revenue even further.

  • September 21, 2006 at 9:36 am
    Murray H. Peroff says:
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    When are Kevin McCarthy and the real bosses,Tom Gallagher and Jeb Bush,going to go after UNITED AUTO, who have consistantly had under 20% loss ratios???
    Or is that OK because that firm contributed heavily to Republican campaign coffers? Also, they are not commies, just run of the mill corrupt politicians,

  • September 21, 2006 at 9:49 am
    Mr. Recall says:
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    Mr. Peroff,
    What the heck are you talking about? Are you mad because a company might be doing something right? What do campaign contributions have to do with loss ratios? Following your logic, you should also be mad at Progressive because they give heavily to Democrats. You are one angry individual. You sound like Hugo Chavez? Go back to sleep!

  • September 24, 2006 at 12:30 pm
    Murray H. Peroff says:
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    Mr. Recall,
    I was not the one who used the worn out \”commie\” tag. YOU brought that back from the 1950\’s! Go back to your mentor, Sen. McCarthy, & you & he can can label anyone who disagrees as you wish.I note you are already trying with the reference to Hugo Chavez. The truth is the rampant corruption in the entire republican party has even permeated the state level and you are damn right I am angry!Throw the rascals out.



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