Public Hearing Set For Florida Farm Bureau Rate Filing

The Florida Office of Insurance Regulation (“OIR”) has scheduled a public hearing for a rate filing submitted by Florida Farm Bureau Casualty Insurance Company and Florida Farm Bureau General Insurance Company on July 10, 2007, at 10:00 a.m.

Open to the public, with input from interested parties welcomed, the hearing will be held in Tallahassee, in the Senate Office Building, Room 401, at the Capitol. 

Florida Farm Bureau Casualty Insurance Company and Florida Farm Bureau General Insurance Company have requested a 30.3 percent statewide average rate increase for its homeowners’ business in Florida, effective October 1.  The rate filing is required by House Bill 1A, which mandates that property insurers make a “true-up” filing with the OIR no later than September 30, 2007. The “true-up” filing is needed to reconcile differences between the presumed savings resulting from the expanded Florida Hurricane Catastrophe Fund, and actual savings based on the insurer’s final reinsurance agreements. 

The requested rates are not uniform across Florida, as some areas are subject to higher or lower proposed rate changes.  State law requires the OIR to hold public hearings for rate filings requesting a statewide average increase of 15 percent or greater, or for any reason the OIR deems necessary. 

The hearing will be taped by the Florida Channel; video will be available online, as well the agendas at: http://www.floir.com/pcfr/RateHearings.htm.

Those unable to attend the public hearing are welcome to forward comments to the OIR at ratehearings@fldfs.com.  The subject line of the email should read “Florida Farm Bureau Rate Hearing.”

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.

Should you have any questions or comments, please do not hesitate to contact this office.