Calif. regulators order Mercury to cut homeowners insurance rates 8.2%

Source: Los Angeles Times

State regulators have ordered Mercury General Corp. to cut its homeowners insurance rates by 8.2%, instead of the increase in premiums that the company had sought.

As a result, the Los Angeles insurer is contesting the ruling in court.

... After holding a public hearing, California Insurance Commissioner Dave Jones approved a decision by a state administrative law judge to reject a 7.3% increase proposed by Mercury. And the judge recommended the 8.2% decrease.

... Last month, Jones reached an agreement with State Farm, California's biggest homeowners insurer, to drop its rates by an average of 12.6% for more than 1 million policyholders in the state beginning April 15.

Read more: http://www.latimes.com/business/la-fi-insure-mercury-20130306,0,7404452.story