INSURANCE

Insurers to Refund $1.6 Million: Two workers compensation insurers agreed to refund the money to their 1993 policyholders after a state Insurance Department investigation found they had failed to comply with 1993 reform legislation. An investigation of their rating and underwriting practices showed that the companies, California Indemnity Insurance Co. and its Commercial Casualty Insurance Co. affiliate did not comply with the law requiring insurers to reduce their workers compensation rates by 7%, the Insurance Department said. California Indemnity was the state’s 25th largest workers comp carrier last year, with premiums of $80.5 million, the department said.