More Than 117,000 to Get Auto Insurance Refunds

Associated Press

Four insurance companies have agreed to refund nearly $8 million in excess profits to more than 117,000 Florida auto-insurance policyholders.

Insurance Commissioner Bill Gunter said that Criterion Insurance Co., based in Washington, D.C., had agreed to return more than $1.4 million, or an average refund of $75 for each of its 18,000 Florida policyholders.

Last month, Gunter also ordered Travelers Insurance Cos. of Hartford, Conn., to return $5.3 million of excess profits under Florida law, or an average of $65 per policyholder; Aetna Insurance Co. of Hartford, to repay $498,000 for an average $39 refund; and Royal Insurance Co. of New York to return $777,000 for an average $93 refund.

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