Florida Auto Insurer Infinity to Refund More Than $46 Million in Excess Profits Within 60 Days
Florida's Office of Insurance Regulation (OIR) announced on November 2 that Insurance Commissioner Mike Yaworsky has secured more than $46 million in excess profits that will be returned to policyholders: auto insurer Infinity Auto Insurance Company will refund the money to consumers within 60 days. Florida's capital is Tallahassee, where the OIR is headquartered.
The excess profits cover the calendar and accident years 2023, 2024 and 2025, and total $46,246,666. Florida law sets a formula for an auto insurer's underwriting profits: if a company's combined underwriting gain for the three most recent calendar-accident years exceeds its anticipated underwriting profit plus 5 percent of earned premiums for those years, the excess must be returned to policyholders. The OIR did not indicate how many policyholders will receive refunds or what the average refund will be.
"Insurers must act in the best interest of Florida consumers, and I commend Infinity Auto for reviewing their finances and providing data promptly to the Office of Insurance Regulation," Yaworsky said. "We are aware of other auto insurance companies approaching the statutory threshold for excess profits and anticipate more announcements of refunds for Floridians in the near future."
Florida Chief Financial Officer Blaise Ingoglia said: "When insurers are able to return money to their customers, it helps drive down costs for families. These refunds make a big difference for Floridians working hard every day to put food on the table while maintaining proper auto insurance coverage. Refunds like this are further proof that our insurance market continues to strengthen and that the reforms are working, and I look forward to making more announcements like this in the near future."
The OIR said Infinity Auto will also attempt to locate any policyholders whose refund checks are returned. If a policyholder is not contacted, Infinity will report and process any unclaimed profit funds as unclaimed or abandoned property in accordance with Chapter 717, Florida Statutes.
(Source: Florida Office of Insurance Regulation)
Source: Florida Office of Insurance Regulation
Published by GSM · USA (original Chinese edition)
Photo: 图：佛罗里达州议会大厦（位于州府 Tallahassee，前为旧议会大厦、后为新议会大厦）。F McGady 摄，CC BY，经 Wikimedia Commons。 / Photo: The Florida State Capitol in Tallahassee, with the old capitol in front and the new one behind. Photo by F McGady, CC BY, via Wikimedia Commons.
