The Florida Office of Insurance Regulation (“OIR”) recently announced that Administrative Law Judge Daniel Manry of the Division of Administrative Hearings issued a Recommended Order on December 12, 2008 denying State Farm’s statewide homeowner’s insurance rate request. As previously reported here, State Farm has requested an average statewide increase of 47.1 percent.
The Recommended Order states that: “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.” Insurance Commissioner Kevin McCarty is the final hearing officer and his final order in the matter is due on January 11, 2009.