Florida's insurance commissioner has again rejected State Farm Insurance of Florida's request for an average 47.1 percent rate hike.
Kevin McCarty's order issued Monday reaffirms a decision issued last month by Administrative Law Judge Daniel Manry that denied State Farm's increase request. Manry determined that much of the evidence the company presented to support its demand for higher rates was at times ambiguous, contradictory and lacked credibility.
State Farm, the largest private insurer operating in Florida, filed the rate request last summer.
After Florida's insurance commissioner rejected State Farm's initial 47.1 percent rate hike request, State Farm, Florida's largest private insurer, appealed to the Division of Administrative Hearings. State Farm's last rate change was a 9 percent reduction that took effect Oct. 1, 2007. It remains in effect.
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