Fla. Cancels Two Insurers’ ‘True-Up’ Rate Filing Requests

The Florida Office of Insurance Regulation disapproved Metropolitan Casualty Insurance Co.’s and Metropolitan Property & Casualty Insurance Co.’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 14, at which time the OIR intended to question the companies about the rate filings.

Another public hearing scheduled for August 21 was canceled earlier this week when Capitol Preferred Insurance Co. withdrew its rate filing.

Companies have until Sept. 30 to submit their true-up rate filings mandated by the law. The OIR said it will continue to review each one to ensure they are complete and reflect the policyholder savings ordered by the Legislature.

Source: Florida Office of Insurance Regulation