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State regulators are still deciding if they�ll allow a Florida insurer to raise its rates. Farm Bureau is seeking a 28 percent rate hike. The Office of Insurance Regulation held a public hearing about the insurer�s request in Tallahassee today. Farm Bureau has more than a hundred thousand policy holders in Florida. The company claims it needs to raise rates so it can cover claims if a major hurricane hits the state. Florida Association of Insurance spokesman Bob Lotane said Farm Bureau�s is legitimate.

�This is a company that isn�t owned by Wall Street investors they�re owned by the policy owners so they�re about Main Street and they�re not about Wall Street and that�s the way they�ve always operated. So when they ask about a rate increase that adds a little more credence the type of company it is and the history of keep their rates as low as possible,� said Lotane.

OIR spokesman Ed Domansky said regulators need more proof to support Farms Bureau�s claims.

�It really comes down to a matter of not whether they�ve had a rate hike or where their rates have been over a number of years it really comes down to whether or not they�ve properly documented in their filing the rate that they�re requesting now,� said Domansky.

Regulators said they expect to have decision soon. Next month OIR will hold a hearing into State Farms request to raise rates 47 percent.