Florida's top regulator said today that State Farm Florida'spetition for a formal hearing on his agency's announced plan todisapprove the carrier's request for a 47.1 percent statewideaverage homeowners insurance increase has been rejected.
Insurance Commissioner Kevin McCarty issued the Office ofInsurance Regulation's notice of intent to disapprove the proposedrate hike on Aug. 25.
State Farm now has until Sept. 15 to amend its petition andresubmit it to the OIR. If State Farm fails to file a sufficientpetition within the 10 days, it will not be entitled to a hearing,OIR said.
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