Commissioner Mike Yaworsky Secures $46 Million in Excess Profits from Auto Insurer
TALLAHASSEE, Fla.— Florida Insurance Commissioner Mike Yaworsky secured over $46 million in excessive profits that will be returned to policyholders. Infinity Auto Insurance Company will refund the profits to consumers within 60 days. The profits cover the calendar and accident years of 2023, 2024 and 2025.
Commissioner Mike Yaworsky said, “Insurers must act in the best interest of Florida consumers, and I commend Infinity Auto for reviewing their finances and providing data promptly to the Office of Insurance Regulation. We are aware of other auto insurance companies approaching the statutory threshold for excess profits and anticipate more announcements of refunds for Floridians in the near future.”
Chief Financial Officer Blaise Ingoglia said, “When insurers are able to return money to their customers, it helps drive down costs for families. These refunds make a big difference for Floridians working hard every day to put food on the table while maintaining proper auto insurance coverage. Refunds like this are further proof that our insurance market continues to strengthen the reforms are working, and I look forward to making more announcements like this in the near future.”
Infinity Auto will also attempt to locate any policyholders whose refund checks are returned. If a policyholder is not contacted, Infinity will report and process any unclaimed profit funds as unclaimed or abandoned property in accordance with Chapter 717, Florida Statutes.
Under Florida law, insurers must return excess profits if underwriting gains for the three most recent calendar-accident years combined exceed the anticipated underwriting profit plus five percent of earned premiums for those years.
The Office of Insurance Regulation is reminding other auto insurers of their statutory obligation under Section 627.066, Florida Statutes, to return excess profits to policyholders when applicable. The Office remains in constant communication with companies to proactively ensure credits are owed to policyholders.
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For more information about Florida’s excess profit statute, click here.
About the OIR
The Florida Office of Insurance Regulation (OIR) has primary responsibility for regulation, compliance, and enforcement of statutes related to the business of insurance and the monitoring of industry markets. For more information about OIR, please visit our website or follow us on X @FLOIR_comm.
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