State Farm’s Rate Increase Request Denied
Dec 12, 2008
The Florida Office of Insurance Regulation (“OIR”) announced today, December 12, 2008, that Administrative Law Judge Daniel Manry of the Division of Administrative Hearings (“DOAH”) issued a Recommended Order denying State Farm’s indicated statewide average rate increase of 67 percent and its requested increase of 47.1 percent.
To view a copy of the Order, click here.
The OIR’s press release is reprinted below.
Should you have any questions or comments, please do not hesitate to contact Colodny Fass.
DOAH Judge Recommends Denial of State Farm Rate Increase
TALLAHASSEE, Fla. – The Florida Office of Insurance Regulation (Office) today announced that Administrative Law Judge Daniel Manry of the Division of Administrative Hearings (DOAH) late Friday afternoon issued a Recommended Order denying State Farm’s indicated statewide average rate increase of 67.0 percent and its requested increase of 47.1.
The Judge’s Order states: “State Farm Florida did not show by a preponderance of the evidence that either the indicated rate or requested rate in the rate filing is not excessive, inadequate, or unfairly discriminatory.”
Because Insurance Commissioner Kevin McCarty is the final hearing officer of this matter, the Office will not comment further.
Commissioner McCarty’s Final Order is due within 30 days.
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