Office Of Insurance Regulation Takes Action On Rate Filing
TALLAHASSEE (08/10/2007) - This week, the Office of Insurance Regulation disapproved Metropolitan Casualty Insurance Company's and Metropolitan Property & Casualty Insurance Company's rate filings because they lacked the legally required signatures of either the Chief Executive Officer or Chief Financial Officer. This action resulted in the cancellation of a public rate hearing initially scheduled for August 14th, at which time the Office intended to question the companies about the rate filings. Another public hearing scheduled for August 21st was cancelled earlier this week when Capitol Preferred Insurance Company withdrew its rate filing.
Companies have until September 30th to submit their true-up rate filings mandated by the law and the Office will continue to review each one to ensure they are complete and reflect the policyholder savings ordered by the Legislature.