Florida Insurance Commissioner Kevin McCarty announced today that he has denied property insurance rate hike requests from The Hartford Financial Services Group that ranged from nearly 30 percent to more than 226 percent.
According to the commissioner, the filings submitted were not actuarially justified and lacked supporting information.
Mr. McCarty's announcement said his Office of Insurance Regulation has sent Notices of Intent to deny the rate filings, because the proposed rate increase was not commensurate with the savings obtained when the legislature made low-cost reinsurance available to carriers through the Florida Hurricane Catastrophe Fund.
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