State Insurance Commissioner Kevin McCarthy has asked property insurance companies to delay filing for rate increases until after the upcoming legislative session ends in early May.
In addition to postponing new filings McCarty asked insurers to place pending filings “in abeyance” until May. More than a dozen rate filings are pending.
However, the move stops short of ordering a rate freeze. Tom Gallagher, Florida CFO has asked state insurance regulators to freeze homeowners insurance rates, saying he’s alarmed by recent requests for premium increases following last year’s four hurricanes. The insurance industry had to pay out $21 billion after last year’s storms.
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