Florida Insurance Commissioner Kevin McCarty issued a consent order requiring The Chubb Group of companies to refund more than $13 million in excess profits to its customers.

The order states that the Office of Insurance Regulation performed an evaluation of the data submitted by the group, and determined that between 2002 and 2004, the insurers realized excess profits in the amount of $13,099,891 for workers' compensation business.

Florida law prohibits insurers to earn excess profits and requires any such excess to be returned to policyholders, McCarty said in a release.

The Chubb Group consists of Federal Insurance Co., Chubb Indemnity Insurance Co., Chubb National Insurance Co., Great Northern Insurance Co., Pacific Indemnity Co. and Vigilant Insurance Co.

The insurers must make the refund or offer renewal credits to its policyholders within the next two months, the release said.

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