The first Florida property-casualty insurer to seek a rate adjustment following the state's creation of a discount reinsurance program underwent sharp questioning from regulators Tuesday.
The Florida Farm Bureau Casualty Insurance Company sought a 30.3 percent rate hike to offset the reductions it made last month in response to expansion of the state-backed disaster reinsurance fund.
Farm Bureau actuary Missy Shelley told NU Online News Service following the hearing Tuesday that the carrier was seeking a reduction of about 2 percent once the impact of last month's cut was taken into account.
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