Office Of Insurance Regulation Disapproves Allstate Homeowners Rate Increase
Contact: Beth Scott
The Florida Office of Insurance Regulation has issued Notices of Intent to Disapprove recent rate filings from Allstate Floridian Insurance Company and Allstate Floridian Indemnity Company requesting a statewide average increase of 16.3 percent and 24.4 percent, respectively.
Upon receipt of a Notice of Intent to Disapprove, a company may request an administrative hearing, arbitration or modify its current filing. If a Disapproval is issued, the companies will be required to refund to policyholders the money collected that is in excess of their approved rate.
As required by Florida Statutes, public hearings were held in Orlando and Davie on August 5th and August 8th where policyholders and other interested parties were given the opportunity to participate in the filing review process.
The Notice of Intent to Disapprove was premised on Allstates failure to adequately respond to questions posed by the Office and to adequately support its proposed rate increase. The Office is required by law to complete its review of the rate filing within 90 days.
"After a thorough review and analysis by our actuarial staff, the filing failed to justify an increase and was deficient in several areas," McCarty said. "We also appreciate the Consumer Advocate's independent review and input into the rate filing."