Although lawmakers didn't claim to be providing a permanent fix for Florida's property insurance market when they passed reform legislation in 2007, they did at least hold out hope that consumers would find some relief from homeowners' insurance soaring premiums and wide rate fluctuations.
That hope appears to have been in vain. Recent double-digit rate hike requests from big-name players are stinging examples of the continuing yo-yo condition of Florida's market.
In June, Florida Farm Bureau requested a 28.4 percent rate hike for its 80,000 customers. The rate hike application was disclosed on the very day McCarty formally rejected a 30.3 percent rate hike request that the company had filed last year. OIR's action to the newest filing was swift. Only days after a July 30 hearing on the request, McCarty issued a formal Notice of Intent to Disapprove the filing. Among his objections, McCarty noted the carrier's failure to provide all requested information.
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