Insurance Commissioner McCarty Will Conduct Public Hearing On Cincinnati Rate Filings

The following information was released today by the Florida Office of Insurance Regulation:

TALLAHASSEE, Fla. (09/17/2007) – The Florida Office of Insurance Regulation (Office) will conduct a public hearing on rate filings submitted by The Cincinnati Insurance Company and The Cincinnati Indemnity Company. The filings, received on June 13, were to comply with the requirements of House Bill 1A for property insurers to submit “true-up” filings reflective of the savings obtained from the recently expanded Florida Hurricane Catastrophe Fund.

The public hearing will take place at the Senate Office Building, Room 401, at the Capitol on Sept. 18 at 10 a.m.

The Cincinnati Insurance Company and The Cincinnati Indemnity Company proposed a statewide average 37.5 percent rate increase for homeowners policies in Florida. This follows a recently approved rate reduction of 35 percent made earlier this year, which was effective June 1 for new and renewal business going forward. The companies also filed for a 14.5 percent statewide average rate increase for Dwelling Fire policies in Florida to become effective Jan.1, 2008.

The companies noted in their filings, “We look forward to working with the Office of Insurance Regulation in connection with this filing and answering any questions you may have … we want to continue to honor our commitment to our homeowner policyholders and independent agents in Florida, whom we have served for nearly 50 years.” As of June 30, the companies reported a total of 15,350 residential property insurance policies in Florida.

The Florida Channel will tape the hearing, and the video will be posted to the Office’s Web site several days after the hearing. To view the video of the hearing, please visit the Office’s Web site at: http://www.floir.com/pcfr/RateHearingVideo.htm#OtherHearings.

The hearing will allow input from interested parties and members of the public. Those unable to attend the hearing are welcome to forward comments to the Office at ratehearings@fldfs.com.  The subject line of e-mails should read Cincinnati Insurance Public Hearing. The schedule of upcoming public hearings and the television schedule to view them are located on the Office’s Web site at http://www.floir.com/pcfr/RateHearings.htm.

Pursuant to the provisions of the Americans with Disabilities Act, any person requiring special accommodations to participate in this hearing should telephone Sam Coskey at (850) 413-2616 or e-mail him at Sam.Coskey@fldfs.com at least 48 hours prior to the hearing.

About the Florida Office of Insurance Regulation The Florida Office of Insurance Regulation (Office) has primary responsibility for regulation, compliance and enforcement of statutes related to the business of insurance and the monitoring of industry markets. Business units within the Office are organized based on regulatory expertise and include the areas of life and health, property and casualty, specialty lines and other regulated insurance entities. It is within the Office that the mission of public protection is implemented through regulatory oversight of insurance company solvency, policy forms and rates, market conduct performance and new company entrants to the Florida market.

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A representative from this office will attend the public hearing and we will accordingly provide you with a recap.  In the interim, for more information, please contact either Ed Domansky or Jonathon Kees at the Florida Office of Insurance Regulation (850) 413-2515.

 

Should you have any questions or comments regarding this information, please feel free to contact this office.