WEST PALM BEACH, Fla. — Florida insurance regulators have imposed fines and mandated refunds for six insurance companies, as detailed in recently posted consent orders. The infractions range from failing to submit required paperwork on time to overcharging for auto insurance policies.
Liberty Mutual is one of the most significantly affected companies. According to the consent order, the insurer overcharged approximately 46,053 auto policyholders and is now required to refund $4.7 million. Liberty Mutual issued a statement in response:
“We applied a new rate program in Florida and filed it with the Office of Insurance Regulation (FLOIR). Under state regulations, carriers can immediately implement their actuarially indicated rates and make adjustments after FLOIR review. Our rates were subsequently confirmed with some modifications, and FLOIR requested the refund of some premiums to impacted customers, which we are in the process of completing.”
Peerless Indemnity, another auto insurer, has been ordered to pay $76,000 in refunds.
In addition to these two companies, fines were also issued to other insurers for failing to file paperwork on time. Gateway was fined $3,000, Pie Casualty $6,250, and Pie Insurance received fines totaling $15,500 across two instances.
Insurance experts believe these actions underscore the commitment of Florida’s Office of Insurance Regulation (OIR) to closely monitor insurance companies as the state seeks to stabilize its insurance market.
Chief Financial Officer Jimmy Patronis emphasized the state’s dedication to consumer protection: “We’re in constant contact with the carriers in our state. We want them to do well, and we want them to do right by our citizens.”
The consent orders reflect ongoing efforts by state regulators to ensure compliance and fairness within the insurance industry, reinforcing their role in safeguarding consumer interests.
