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Gallagher Calls for Rejection of Unsupported Rate Increase

6/21/2005

CONTACT:
Tami Torres or Bob Lotane
(850) 413-2842
 
TALLAHASSEE – Florida's Chief Financial Officer Tom Gallagher today urged Insurance Commissioner Kevin McCarty to reject a 36.7 percent rate increase request by Cincinnati Indemnity Company/Insurance Company. 
 
"After directing our Consumer Advocate's office to review the request for an increase, our team revealed deficiencies and unsupported claims in Cincinnati's rate filing," Gallagher said.  "Cincinnati has not justified the numbers it submitted for projected losses and reinsurance costs."
 
Gallagher has asked his Consumer Advocate to present the findings of the independent review at a public hearing on Wednesday, June 22, at the Sarasota-Bradenton International Convention Center in Sarasota.
 
Gallagher concluded, "We will be vigilant in protecting against unwarranted and unsubstantiated rate increase requests.  I urge Insurance Commissioner McCarty to reject this rate request."