AmCOMP Files Petition for Administrative Hearing with Florida Office of Insurance Regulation
2008年6月11日 - 4:22AM
ビジネスワイヤ(英語)
AmCOMP Incorporated (Nasdaq:AMCP) announced today that on June 9,
2008, its insurance subsidiaries, AmCOMP Assurance Corporation and
AmCOMP Preferred Insurance Company (together with the Company,
�AmCOMP�), through counsel, filed a Petition For Administrative
Hearing Involving Disputed Issues of Fact (the �Petition�) with the
Florida Office of Insurance Regulation (�FOIR�), challenging FOIR�s
Notice of Intent to Issue Order to Return Excess Profits (the
�Notice�). The Notice (filed on May 19, 2008, and described in the
Company�s Current Report on Form 8-K, dated May 23, 2008) indicated
that FOIR had made a preliminary finding that AmCOMP had realized
excessive profit in the amount of approximately $11.7 million for
accident years 2003, 2004 and 2005. In the Petition, AmCOMP has
asked, among other things, that the Petition be referred to the
Florida Division of Administrative Hearings for assignment of an
administrative law judge in order to conduct a proceeding involving
the matters set forth in the Notice, and that such administrative
law judge recommend that FOIR withdraw or rescind its Notice or
otherwise find that AmCOMP does not owe any excessive profits for
accident years 2003, 2004 and 2005. As the Notice was issued on a
preliminary basis, AmCOMP will not be required to return the
allegedly excessive profits unless required to do so upon the
conclusion of the above proceedings. There can be no assurance that
the Division of Administrative Hearings will refer the Petition for
assignment to an administrative law judge or that an administrative
law judge will accept AmCOMP�s position. About AmCOMP With roots
dating back to 1982, AmCOMP Incorporated is an insurance holding
company whose wholly owned subsidiaries, AmCOMP Preferred and
AmCOMP Assurance, are mono-line workers' compensation insurers with
products that focus on value-added services to policyholders.
Currently marketing insurance policies in 17 core states and
targeting small to mid-sized employers in a variety of industries,
AmCOMP distributes its products through independent agencies.
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