Florida Office of Insurance Regulation Reviews State Farm Florida Mobile Home Rate Increase Request
Mar 7, 2012
This morning, March 7, 2012, the Florida Office of Insurance Regulation (“OIR”) held a public rate hearing on State Farm Florida Insurance Company’s (“State Farm”) request to increase rates on its manufactured home policies. The OIR officials who presided over the hearing were Sandra Starnes, Director, Property and Casualty Produce Review; Actuary Bob Lee and Assistant General Counsel Bruce Culpepper.
Effective April 1, 2012, State Farm seeks a 42 percent rate increase on approximately 6,500 manufactured homes that it insures in Florida.
State Farm representatives on hand at today’s hearing waived their opportunity to give opening remarks. In relation to the company’s filing, Mr. Lee asked questions about reinsurance expenses, profit and contingency factors, the use of hurricane loss data, predictive modeling and other factors. State Farm officials appeared to adequately address most of Mr. Lee’s questions.
Robin Westcott, Florida’s Insurance Consumer Advocate, provided brief comments in which she urged State Farm to implement its dramatic proposed rate increase incrementally.
Following her testimony, the meeting adjourned without an indication of whether the OIR would approve the rate filing.
The record is being held open until March 14, 2012 for additional written comments.
To view today’s hearing agenda, click here.
Should you have any questions or comments, please contact Colodny Fass.
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