We contacted the Florida Department of Financial Services (FDFS) which is the insurance regulator for FL to find out if AIG and/or the 21st century companies have been granted a rate change in the state.

The FDFS responded that the AIG companies and 21st Century have been given approval for various rate changes in the past year. They noted that if your auto insurance premium has increased with them than you can contact your company or agent to obtain the filing number(s) that granted the rate change for your specific policy or see if the change in your premium amount was due to other factors in your driving household.

If you obtain your insurer's filing number you may check the OIR website for that filing. Once on their site you can click on the top Companies tab and then click on filing search and follow the instructions to see a copy of that particular filing.

In the state of Florida Insurance companies must submit their rates to the Office of Insurance Regulation (OIR) under the direction of Insurance Commissioner and justify the need for any increase. It is important to understand what the law provides with respect to rate filings made with OIR. Florida Statute 627.062, states insurance rates shall not be excessive, inadequate, or unfairly discriminatory.

FL law allows the OIR to scrutinize these filings, and to disallow the increase if it cannot be justified. However, the law does not permit the OIR to deny a rate increase on the basis the increase will create a financial hardship for customers of the insurance company, even though this state agency does understand the higher rates create hardships in some cases.

As you may be aware, there are many factors that may determine the need for a rate adjustment such as, claim payouts, premium income, risk factors, administrative costs, and operating costs.

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