AmCOMP requests review of regulator's claim

AmCOMP Inc., a provider of workers' compensation insurance products, said Tuesday it filed a petition requesting a hearing to review a claim by the Florida Office of Insurance Regulation that the insurer realized excessive profits between 2003 and 2005.

In May, AmCOMP received a notice from the Florida regulator saying it has realized excessive profits in the state totaling $11.7 million, and is required to return the money to policyholders.

In its petition for review, AmCOMP asks the matter be referred to the Florida Division of Administrative Hearings and recommends the insurance regulator's claim be withdrawn or rescinded.

AmCOMP would not have to return any of the profits until after a ruling is made on its petition, the company said in a statement.

Shares of lightly-traded AmCOMP fell 3 cents to $10.89 Tuesday.