The Florida Office of Insurance Regulation has notified twohomeowners insurers that it is rejecting requests for average rateincreases of 78.9 and 92.4 percent.

OIR said it issued notices of Intent to Disapprove rate filingsfrom Home Pointe Insurance Company, seeking a 92.4 percent hike,and Cincinnati Insurance Companies, asking for a 78.9 percentboost.

OIR's action is the latest concerning a blizzard of insurers'requests for steep increases in the wake of last year's bighurricane losses.

Home Pointe, the OIR said, asked for the increased rate for newand renewal business to go into effect Thursday. It impacts 21,899policyholders.

The Cincinnati filing impacts 12,967 policyholders with aplanned effective date of March 1, 2007.

When they receive their Notices of Intent to Disapprove, thecompanies may request an administrative hearing, arbitration ormodify their current filing, OIR said.

Insurance Commissioner Kevin McCarty said the OIR has approved aHome Pointe 29.8 percent increase affecting only 5,178 of itspolicyholders.

Denial of rate increases to Home Pointe and Cincinnati followeda public hearing and review and analysis by OIR actuarial staff.The filings, the commissioner said, "failed to justify this levelof an increase and were deficient in several areas."

"We will continue to be diligent and scrutinize each and everyrate filing as it comes in the door to ensure Florida consumers arepaying fair and adequate rates for their insurance coverage," hepromised

Yesterday, OIR announced it will hold a hearing this Friday on arequest by Universal Property and Casualty Insurance Company inFort Lauderdale, Fla., for a 43 percent average statewide rateincrease for its dwelling fire insurance--a less comprehensivehomeowners policy.

The same day, OIR said it will hold another hearing on a filingby State Insurance Company of St. Augustine, Fla. for a 70.7percent average statewide rate increase for its Everglades Program,a 59.6 percent increase for its Qualsure Preferred Program, and a56.2 percent increase for its Qualsure Assumed Program.