The Florida Office of Insurance Regulation will conduct a virtual rate hearing this week on a proposed 24.9% rate increase filed by National Specialty Insurance Co. for its homeowners multi-peril lines of business.
Velocity Risk Underwriters, LLC is the Florida general agent and exclusive program administer for National Specialty Insurance Co., a subsidiary of State National Insurance Co.
The hearing, to be held Thursday, March 25 at 10 am EST, will also allow for public comment on the proposed rate filing.
As of Sept. 30, 2020, National Specialty/Velocity Risk had nearly 45,000 policies in force in Florida and more than $87 million in annualized written premium.
If approved, the effective date for the increase would be Feb. 15, 2021, for new business and April 14, 2021, for renewal business. Last year, Velocity requested and was approved for a 28.1% rate increase for 35,000 of its HO-3 policies.
National Specialty is domiciled in Texas and authorized to transact insurance in the state of Florida. As a State National Insurance Co. subsidiary, National Specialty Insurance holds an “A” rating with A. M. Best. The ratings of both companies were affirmed Sept. 11, 2020 with an outlook of stable. Markel acquired State National and its subsidiaries in 2017.
OIR is required by law to hold public rate hearings when a rate filing exceeds 15%. Florida law also allows OIR to hold a public hearing for any purpose within the scope of the Insurance Code deemed to be necessary. Input from consumers and interested parties, as well as from representatives of National Specialty Insurance Co., will be received at this virtual public hearing.
Those wishing to participate can register here or by phone at: (866) 901-6455; Access Code 118-572-617. Comments can also be sent to the Florida Office of Insurance Regulation at email@example.com; the subject line of the e-mail should read “National Specialty Insurance Company.” The record will be open for public comment until April 8, 2021.
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