California Insurance Commissioner Ricardo Lara has rejected State Farm General’s request for a rate hike averaging 22% due to the company’s “dire” financial situation after the deadly and destructive L.

The insurer had sought approval for an emergency rate hike in the wake of LA fires, which led to the call for a meeting on its viability

State Farm pointed out that over the last nine years, the lack of alignment between price and risk means that for every $1 collected in premium, State Farm General paid

Commissioner Ricardo Lara scheduled a meeting with State Farm to hear their justification for the rate increase.

After massive payouts from L.A. fires, California's largest insurer faces tough questions about its 22% premium increase request

Insurance Commissioner Ricardo Lara on Monday rejected State Farm General's request for an emergency 22% home insurance rate hike due to the Los Angeles fires unless the insurer can provide more evidence it is warranted.