A two-judge panel has rejected a petition by Texas's Office of Public Insurance Council to roll back a State Farm Lloyds rate hike.
The insurer raised rates by 20 percent for new policies and renewals in late 2012, which would collect an additional $317 million in annual premiums from 1.2 million homeowners' policyholders in Texas, a file-and-use state. State Farm, the largest property insurer in Texas, maintains that the rate hikes were needed to cover recent weather-related losses.
Public Insurance Counsel Deeia Beck scrutinized the increase, calling it "excessive" and actuarially unsound.
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