Last Friday, 12/12/08 the Florida Office of Insurance Regulation (FLOIR) issued the following press release:
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 Orderdenying State Farm’s indicated statewide average rate increase of 67.0 percent and its requested increase of 47.1 percent.
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.
John Elwell's Opinion: What happened to all of that relief from high insurance premiums we were promised? The companies cannot blame it on any huge storms coming through Florida. This year we go by without a scratch. It boggles my minds that these companies think they can keep raising rates here. In my opinion, a trip to the "woodshed" might be in order. They have some serious explaining to do. And they are very welcome to respond to this news release by leaving us a comment on their recent requests and their rejection of the same.
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