NEW YORK -- Florida has decided that Hartford Financial Services Group Inc, which took $3.4 billion of federal bailout funds, is making too much money.

The Florida Office of Insurance Regulation on Wednesday said it ordered Hartford to return $48.2 million to Florida businesses because profits on some workers' compensation policies from 2004 to 2006 exceeded state law.

Florida had demanded the return of $64.8 million but reduced the sum after Hartford protested the higher amount, according to a consent agreement between the state and the property and casualty insurer.

"During these tough economic times, Florida businesses will receive a very significant and important return of premium," Insurance Commissioner Kevin McCarty said in a statement. "Companies certainly are entitled to earn reasonable profits, but the excess profit law protects Florida business owners from paying more than what is actuarially justified."

Hartford did not immediately return a call seeking comment. The insurer has 60 days to provide refunds or credits on policy renewals, McCarty's office said.

In June, the Hartford, Connecticut-based insurer took $3.4 billion from the federal Troubled Asset Relief Program to bolster capital in the wake of large investment losses.

Hartford is paying an initial 5 percent annual dividend on the preferred shares it issued the government, or $170 million a year.

Shares of Hartford closed Wednesday up $1.30, or 7.1 percent, at $19.50 on the New York Stock Exchange, amid broad gains for insurance company stocks.