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Florida insurer refunds $312,551 to Marylanders

A Florida insurance company has repaid $312,551 to thousands of Marylanders after overcharging them on life and health benefits, the Maryland Insurance Administration said Monday.

The state insurance regulator said it told Life of the South Insurance Co. in Jacksonville in 2010 to reduce certain premium rates between Nov. 1, 2010, and Dec. 31, 2011. The insurance regulator discovered during its regular oversight process last year that Life of the South hadn't lowered the rates as required, according to the agency.

Besides returning the money to consumers last month, the insurance company paid a $12,500 fine.

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