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

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

Citing the "dire" financial situation they're facing after the Los Angeles wildfires, State Farm General has asked California officials for an emergency interim rate increase. The rate hike could work out to an average increase of 22% for California homeowners, State Farm General revealed Monday.

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

Insurance Commissioner Ricardo Lara on Friday 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.

California's insurance chief rejects State Farm's 'emergency' rate hike, setting stage for a crucial industry showdown.