Office Of Insurance Regulation Disapproves Insurer Rate Increases
Tallahassee (10/03/2006) – The Florida Office of Insurance Regulation has issued Notices of Intent to disapprove recent rate filings from Cincinnati Insurance Companies and Home Pointe Insurance Company.
Cincinnati Insurance Companies and Home Pointe Insurance Company requested statewide average rate increases of 78.9 percent and 92.4 percent for their respective homeowner's programs. The Cincinnati filing impacts 12,967 policyholders with a planned effective date of March 1, 2007 for new and renewal business. Home Pointe's filing impacts 21,899 policyholders with a planned effective date of October 5, 2006 for new and renewal business. Upon receipt of a Notice of Intent to Disapprove, a company may request an administrative hearing, arbitration or modify its current filing.
"After holding public rate hearings on these proposed rate increases and having our actuarial staff conduct their thorough review and analysis, the filings failed to justify this level of an increase and were deficient in several areas," Insurance Commissioner Kevin McCarty said. "We will continue to be diligent and scrutinize each and every rate filing as it comes in the door to ensure Florida consumers are paying fair and adequate rates for their insurance coverage."
In addition, the Office has approved Home Pointe's dwelling fire rate filing request at 29.8% affecting 5,178 policyholders statewide.
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