Florida Office Of Insurance Regulation Denies USAA Rate Filing, Public Hearing Cancelled
TALLAHASSEE, Fla. - The Florida Office of Insurance Regulation (Office) announced today the disapproval of a rate increase filing submitted by United Services Automobile Association (USAA), USAA Casualty Insurance Company and USAA General Indemnity Company. As a result of the disapproval, the Office has cancelled the public hearing scheduled for Oct. 9 at 10 a.m.
The filing, received by the Office July 30, proposed a statewide average increase in homeowners insurance rates of 53.9 percent.
The Office determined that the filings were incomplete and were not certified as required by Florida law.
In a letter sent to the companies Friday, the Office advised the companies that the filing was disapproved and required to be re-filed with the correct certification in place by company officers.
About the Florida Office of Insurance Regulation
The Florida Office of Insurance Regulation (Office) has primary responsibility for regulation, compliance and enforcement of statutes related to the business of insurance and the monitoring of industry markets. Business units within the Office are organized based on regulatory expertise and include the areas of life and health, property and casualty, specialty lines and other regulated insurance entities. It is within the Office that the mission of public protection is implemented through regulatory oversight of insurance company solvency, policy forms and rates, market conduct performance and new company entrants to the Florida market.
For more information about the Office, please visit www.floir.com
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