TALLAHASSEE, Fla., Feb. 4 (UPI) -- Citing concern about the number of recent insurance rate hike requests in the wake of the hurricane season, a Florida official is seeking a freeze.
Chief Financial Officer Tom Gallagher said in Tallahassee he would like the ban on rate increases to last at least until the end of the Legislative session in May, the Orlando Sentinel reported Friday.
He said he wants the insurance industry to stabilize following the four hurricanes that hit Florida last year, and give lawmakers time to consider a large number of insurance reform bills.
Gallagher does not have the power to freeze rates, but he oversees the Office of Insurance Regulation that does.
Insurance Commissioner Kevin McCarty said he would meet with his attorneys and staff to see if they can legally comply with Gallagher's request.
"Obviously, we have to be careful in signals we send to the industry. But certainly the message that some of the industry is sending to consumers precipitates a response," McCarty said.
