Public Hearing Set For Florida Farm Bureau Rate Filing
Tallahassee (June 27, 2007) - The Florida Office of Insurance Regulation (Office) has scheduled a public hearing for a rate filing submitted by Florida Farm Bureau Casualty Insurance Company and Florida Farm Bureau General Insurance Company. The hearing for this rate filing will be held in Tallahassee, in the Senate Office Building, room 401, at the Capitol.
Florida Farm Bureau Casualty Insurance Company and Florida Farm Bureau General Insurance Company have requested a 30.3 percent statewide average rate increase for its homeowners' business in Florida, effective October 1. The public hearing for this rate filing is scheduled for July 10, 2007, at 10:00 a.m.
The rate filing is required by House Bill 1A, which mandates that property insurers make a "true-up" filing with the Office no later than September 30, 2007. The "true-up" filing is needed to reconcile differences between the presumed savings resulting from the expanded Florida Hurricane Catastrophe Fund, and actual savings based on the insurer's final reinsurance agreements.
The requested rates are not uniform across the state as some areas are subject to higher or lower proposed rate changes. Florida law requires the Office to hold public hearings for rate filings requesting a statewide average increase of 15 percent or greater, or for any reason the Office deems necessary.
The hearing is open to the public, and input from interested parties is welcomed. Those unable to attend the public hearing are welcome to forward comments to the Office at firstname.lastname@example.org
. The subject line of the email should read "Florida Farm Bureau Rate Hearing."
Pursuant to the provisions of the Americans with Disabilities Act, any person requiring special accommodations to participate in this hearing should telephone Sam Coskey at (850) 413-2616 or e-mail him at email@example.com
at least 48 hours prior to the hearing.
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