State Farm clears way for Florida rate hikes. (property insurance agreement with Florida Department of Insurance)

National Underwriter Property & Casualty-Risk & Benefits Management, July, 1996 by Lonkevich, Dan

A Florida regulator has reached an agreement with State Farm Fire & Casualty Co. that clears the way for several rate hikes that had been held up as well as preserving some commercial policyholders' renewal options. Insurance Commissioner Bill Nelson issued an order accepting a state hearing officer's finding that Bloomington, III.-based State Farm is entitled to an average 13.8 percent rate increase involving 62,000 policies of homeowners in Dade, Broward and Pinellas counties whose windstorm coverage was being transferred to the Florida Windstorm Underwriting Association.

Commissioner Nelson had revoked the rate increases approved by hearing officer James W. York, charging that State Farm misrepresented the risks associated with its exposure from the policies....

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