California’s insurance commissioner said his approval was conditioned on State Farm justifying its need for the increase by bringing data to a public hearing on April 8.

California Insurance Commissioner Ricardo Lara said he plans to approve a 22% emergency rate increase for State Farm policyholders, pending a public hearing next month, in a move aimed at stabilizing the state’s insurance market after the Los Angeles area’s devastating wildfires.

California's top insurance regulator says he will approve an emergency request from State Farm to raise home insurance rates for roughly a million customers if the company can justify the hike at a public hearing.

California Insurance Commissioner Ricardo Lara decided Friday to provisionally grant State Farm General's request for a 22% hike in its homeowner insurance rates pending a formal rate hearing next month.

State Farm has been given the green light to increase home insurance premiums by 22%, as long as the company can prove that it needs to raise rates at a public hearing next month.

A State Farm executive has been fired after he was secretly recorded alleging that the insurance company hiked rates for California homeowners reeling from the devastating Los Angeles wildfires. Haden Kirkpatrick,

Haden Kirkpatrick said State Farm’s decision to pull out of California’s insurance market was a calculated move in response to state regulations and financial concerns.