State Farm Florida Rate Hikes Snuffed

Law360, New York (July 21, 2009, 7:08 PM EDT) -- A Florida appeals court has backed the decision by the state’s insurance regulator to bar cash-strapped State Farm Florida Insurance Co. from hiking home insurance rates by 47 percent.

On Monday, the First District Court of Appeal affirmed without opinion the Florida Office of Insurance Regulation’s January ruling that denied State Farm’s proposed rate hike behind the administrative law judge’s finding that the increase was excessive.

Kevin McCarty, the commissioner of the FOIR, applauded the appeals court’s decision in a press release Tuesday, noting that State...
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