Florida Workers' Compensation Carriers Earn Excess Profits
According to the Florida Office of Insurance Regulation, 16 workers' compensation carriers have been ordered to pay back "excessive profits" to policyholders. This amounts of 9.4 million dollars being returned to policy holders. Some of the insurance carriers making excessive profits, specifically AIG, were recipients of U.S. Federal taxpayer bail out funds.
Randy Zeldin, Esq., a Boca Raton workers' compensation attorney, asks Florida Insurance Commissioner Kevin McCarty to determine the source of the "excessive profits." Drastic changes in the Florida workers' compensation law, likely have translated skimpier benefits to injured workers as the source of fatter profits for the insurance industry. Randy Zeldin, Esq., with office in West Palm Beach, Ft. Lauderdale and Boca Raton, further suggest that Gov. Charlie Crist scrutinize the origin of excessive insurance profits, in a time of great recession for South Florida working people.
