State Farm Can't Raise Rates In Coastal Mississippi

(AP) - Mississippi Insurance Commissioner Mike
Chaney on Wednesday told State Farm Fire and Casualty Co. he has
temporarily denied its request to increase homeowners' rates by 45
percent in three coastal counties.
Chaney said he notified the company he needs more information
about the request. He said it could be months before a final
decision is made. Though he is open to negotiations, Chaney said he
ultimately expects to deny the request.
State Farm spokesman David Majors said the company intends to
provide the information Chaney wants.
State Farm is the largest insurer in Mississippi. Chaney said
the company has about 26,000 policies in coastal Hancock, Harrison
and Jackson counties, which were hit by Hurricane Katrina in 2005.

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