AmCOMP Files Petition for Administrative Hearing with Florida Office of Insurance Regulation.NORTH PALM BEACH, Fla. -- AmCOMP Incorporated (Nasdaq:AMCP AMCP Academy of Managed Care Pharmacy AMCP Aeronautical Mobile Communications Panel AMCP Association of Managed Care Providers (now Association of Managed Care Dentists) AMCP Army Materiel Command Pamphlet AMCP Army Married Couples Program ) 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 administrative hearing n. a hearing before any governmental agency or before an administrative law judge. Such hearings can range from simple arguments to what amounts to a trial. There is no jury, but the agency or the administrative law judge will make a ruling. Involving Disputed Issues of Fact (the "Petition") with the Florida Office of Insurance Regulation ("FOIR FOIR Florida Office of Insurance Regulation FOIR Fixed Obligation to Income Ratio (loan eligibility assessment) FOIR Friends of the Illinois River (Springfield, IL) FOIR Field of Interest Register "), 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 Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 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 administrative law judge n. a professional hearing officer who works for the government to preside over hearings and appeals involving governmental agencies. They are generally experienced in the particular subject matter of the agency involved or of several agencies. 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 Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , AmCOMP Preferred and AmCOMP Assurance, are mono-line workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. 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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