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Court Sides With OIR Over Rate Hike

July 21st, 2009 by flanews

An appeals court is siding with the state in its denial of State Farms rate hike request.

The Insurer asked the Office of Insurance Regulation for a 47 percent rate hike. OIR denied the increase in January, but State Farm took the case to court. Today the First District Court of Appeal rejected the rate hike. OIR Spokesman Ed Domansky said State Farm simply couldnt prove they needed to raise rates 47 percent.

Its important that whether it is State Farm or any other company that when a rate filling is made that it is incumbent on the company to support that rate filing and thats the simple answer and State Farm simply failed to provide adequate support for the rate it was requesting, said Domansky.

State Farm is still tied up in a battle with OIR over its exit plan. An October hearing with the Division of Administrative Hearings has been scheduled to resolve the issue.

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