Friday, December 12, 2008

TALLAHASSEE, Fla. ? The Florida Office of Insurance Regulation (Office) today announced that Administrative Law Judge Daniel Manry of the Division of Administrative Hearings (DOAH) late Friday afternoon issued a Recommended Order denying State Farm?s indicated statewide average rate increase of 67.0 percent and its requested increase of 47.1 percent.

The Judge?s Order states: ?State Farm Florida did not show by a preponderance of the evidence that either the indicated rate or requested rate in the rate filing is not excessive, inadequate, or unfairly discriminatory.?

Because Insurance Commissioner Kevin McCarty is the final hearing officer of this matter, the Office will not comment further.

Commissioner McCarty?s Final Order is due within 30 days.

About the Florida Office of Insurance Regulation

The Florida Office of Insurance Regulation (Office) has primary responsibility for regulation, compliance and enforcement of statutes related to the business of insurance and the monitoring of industry markets. The Office protects Florida consumers through regulatory oversight of: insurance company solvency, policy forms and rates, market conduct performance and new company entrants to the Florida market. For more information about the Office, please visit www.floir.com. If you would like to review and compare homeowners insurance rates in Florida, go to www.shopandcomparerates.com.