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Bill would let regulator claw back insurers’ excess auto profits after repeated over-performance
Summary
HB1274 would require insurers to disclose expected profit in rate filings and permit recovery of excess profits if companies exceed that expected profit in three consecutive years; proponents cited Florida’s experience, including a recent $1 billion refund in one case.
Representative Jim Reeves presented House Bill 12-74 to the House Insurance Committee as an "auto insurance excess profits" measure developed from the Blue Ribbon Insurance Rate Study Committee. Reeves said the bill would require transparency in insurer rate filings about expected profit and provide a mechanism to require companies to remit excess profits to customers if they…
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