AmCOMP Receives Notice From Florida Office of Insurance Regulation Regarding Excessive Profits Filing
2008年5月24日 - 5:00AM
PRニュース・ワイアー (英語)
NORTH PALM BEACH, Fla., May 23 /PRNewswire-FirstCall/ -- AmCOMP
Incorporated (NASDAQ:AMCP) today announced that it received a
Notice of Intent to Issue Order to Return Excess Profit from the
Florida Office of Insurance Regulation (FOIR). The Notice indicates
on a preliminary basis that FOIR proposes to make a finding,
following its review of data submitted by AmCOMP on June 22, 2007
for accident years 2003, 2004 and 2005, that "Florida excessive
profits" (as defined in Florida Statute Section 627.215) in the
amount of approximately $11.7 million have been realized by AmCOMP
and are required to be returned to policyholders. AmCOMP believes,
in part based on advice from legal counsel, that the formulation
used by FOIR in computing Florida excessive profits is not the only
one permitted by Florida law. On May 22, 2008, AmCOMP amended its
previously filed returns to include additional items deductible in
calculating Florida excessive profits. Both the original filing and
the amended filing reflect that there were no Florida excessive
profits for the applicable reporting periods. FOIR is in the
process of reviewing AmCOMP's amended filing. There can be no
assurance that FOIR will accept AmCOMP's position. DATASOURCE:
AmCOMP Incorporated CONTACT: Kumar Gursahaney, +1-561-863-2616,
AmCOMP Incorporated
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