OIR Denies USAA Rate Filing and Cancels Public Hearing

The Florida Office of Insurance Regulation (“OIR”) has announced that it is denying USAA’s rate increase filing, and is accordingly cancelling the public rate hearing scheduled for Tuesday, October 9, 2007 at 10 a.m.

Below please find a copy of the OIR’s press release.

 

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-NEWS FROM THE FLORIDA OFFICE OF INSURANCE REGULATION-

For Immediate Release:                  

Contact:        

Ed Domansky or Jonathon Kees

850/ 413-2515

FLORIDA OFFICE OF INSURANCE REGULATION DENIES USAA RATE FILING, PUBLIC HEARING CANCELLED

TALLAHASSEE, Fla. (10/08/2007) – The Florida Office of Insurance Regulation (Office) announced today the disapproval of a rate increase filing submitted by United Services Automobile Association (USAA), USAA Casualty Insurance Company and USAA General Indemnity Company. As a result of the disapproval, the Office has cancelled the public hearing scheduled for Oct. 9 at 10 a.m.

The filing, received by the Office July 30, proposed a statewide average increase in homeowners insurance rates of 53.9 percent.

The Office determined that the filings were incomplete and were not certified as required by Florida law.

In a letter sent to the companies Friday, the Office advised the companies that the filing was disapproved and required to be re-filed with the correct certification in place by company officers.

The Office maintains a list of public hearings <http://www.floir.com/pcfr/RateHearings.htm>  scheduled to date on the Office’s web site <http://www.floir.com/> .

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.  

For more information about the Office, please visit www.floir.com <http://www.floir.com/> . If you would like to review and compare homeowners insurance rates in Florida, go to www.shopandcomparerates.com <http://www.shopandcomparerates.com/> .

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