TALLAHASSEE, Fla. (AP) - Regulators rejected property insurer USAA's attempt to raise its rates by more than half because top company officials didn't certify the filing's accuracy and truthfulness.

The rate increases requested by United Services Automobile Association, USAA Casualty Insurance Company and USAA General Indemnity Company need to be refiled with company officers certifying that the information is "true and accurate," the Office of Insurance Regulation notified the company last week.

USAA companies filed requests in July and August to raise property insurance rates by what would have been 53.9 percent on average. USAA, which mostly insures military families, has more than 280,000 Florida customers, according to the OIR.

The Legislature in January passed a wide-ranging new law meant to lower property insurance tax rates. Among the requirements was a new requirement that insurance company officers and their chief actuary attest under oath to their accuracy and completeness with the specter of perjury charges if they're found to have certified statements they know are false.

"No longer can companies submit data to this office requesting a rate increase and when the data is challenged, claim they were not aware of the incorrect or insufficient information," state Insurance Commissioner Kevin McCarty said this summer when the office began requiring officials to sign an affidavit with rate filings.

The form, which requires the chief actuary and either the chief executive officer or chief financial officer of the insurance company to swear to and sign the notarized document, wasn't included with the USAA filings, state officials said.

USAA didn't immediately return a call for comment Tuesday from The Associated Press.

But the company has said that it needs to increase property insurance rates to make sure it has enough to cover its anticipated future losses, which are going up in part because of rising construction costs. The company also has cited the higher cost of reinsurance, which is backup insurance bought by insurers to cover heavy losses.


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