The Florida Office of Insurance Regulation announced yesterday that it has affirmed an administrative law judge ruling disapproving State Farm's rate increase request averaging 47.1 percent for homeowners insurance.
Administrative Law Judge Daniel Manry's ruling, which was affirmed by Florida Insurance Commissioner Kevin McCarty yesterday, was issued Dec. 12, 2008.
Mr. McCarty in a statement noted that Judge Manry's ruling was based on his conclusion that “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.”
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