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Florida Insurance Commissioner Kevin McCarty this morning denied State Farm Florida's request to have a formal hearing over its rejected rate hike request.
On Aug. 25, McCarty's office rejected State Farm's request to raise property insurance rates an average of 47.1 percent statewide.
That prompted the insurer to seek a hearing. But according to Steve Parton, general counsel with the Office of Insurance Regulation, "State Farm's petition for hearing was incomplete.''
"In our opinion, they did not demonstrate that there were any material issues of fact in dispute,'' Parton said in a statement. "They basically just said that they disagree with the reasons we gave in the notice."
State Farm has until Sept. 15 to amend its petition and refile or it will not be entitled to a hearing, regulators said.
State Farm spokesman Chris Neal could not be reached for immediate comment.
For now, the company's 9 percent rate reduction that became effective through an October 2007 agreement remains in effect.
[Last modified: Sep 08, 2008 11:55 AM]
Comments on this article
by JM
Sep 8, 2008 11:55 AM
Our elected officials get too many contibutions from the insurance lobby so we won't see changes.Another thing that bothers me is why are car insurer set your rate by your credit history.Now that is a scam!!!
by VAN
Sep 5, 2008 3:22 PM
I find it amazing how much lip service our elected offials still give to reducing property taxes, but still have not found the back bone to deal with insurance companies reluctance to offer affordable property coverage. Where's the relief!!!
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