Insurance Regulators: Praetorian’s Drop in Rates Must go Deeper
Florida insurance regulators intend to reject a 2.2 percent rate decrease proposed by Praetorian Insurance Co. for its property collateral protection program.
The Office of Insurance Regulation has issued a notice of intent to disapprove the May 4 rate filing as not going down enough.
The office had determined a reduction of 35 percent to 36 percent was instead warranted.
Property collateral is imposed by lenders on those who fail to secure homeowners’ insurance for their property as required by the mortgage or lending document.
"The Praetorian filing was meticulously reviewed and all testimony given by company representatives at the July 3rd public hearing carefully considered," Deputy Commissioner of Property and Casualty Richard Koon stated in a release. "Praetorian did not provide appropriate support for the rate decrease it requested."
Praetorian has 21 days to appeal or the company can submit a new filing.