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