A media release from the Florida Office of Insurance Regulation (OIR) stated that OIR and the Hartford Financial Services Group have entered into a consent agreement whereby Hartford will issue refunds or credits totaling $48.2 million to Florida businesses for excess profits it earned on its workers’ compensation policies for accident years 2004, 2005, and 2006.

Hartford must provide refunds or renewal credits within 60 days from the date of the August 12 order and provide documentation of its compliance to the OIR. In addition, Hartford must certify that it has attempted to locate all policyholders whose refund checks are returned. If it is unable to locate those policyholders, then the funds must be processed as unclaimed or abandoned property pursuant to Chapter 717, Florida Statutes. Hartford also must pay the OIR $5,000 in administrative costs.

The refund brings the total amount of refunded excess workers’ compensation profits for all Florida workers’ compensation writers to more than $98 million so far this year, a significant jump over the $29.7 million total for all of 2008.