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Regulator: Progressive to return about $1 billion to Florida policyholders under excess-profit statute
Summary
Florida's insurance commissioner told lawmakers that Progressive will return roughly $1 billion to customers under the state's excess-profit statute; the regulator called the company cooperative and said average refunds could be about $320 per policyholder.
Commissioner Michael Yacorsky told the Senate Banking and Insurance Committee that Progressive will return approximately $1,000,000,000 to Florida policyholders under the state's excess'profit statute.
Yacorsky described the statute as a mechanism the office can deploy when actuarial results show plans produced excess profits; he said Progressive cooperated with the office and that the refund will be distributed as checks, with per'customer amounts varying by tenure and premium but averaging "about $320." The commissioner framed the refund as an example of post'reform market oversight.
The committee record does not include Progressive's own statement or the refund schedule, nor does the transcript contain the filing or actuarial documentation underlying the calculation. The amount and average cited were provided by the commissioner during his presentation.
Lawmakers did not take formal action on the matter during the hearing; follow'up reporting would seek the insurer'level filing and the Office of Insurance Regulation's documentation to confirm timing and method of refunds.
