California Insurance Commissioner Ricardo Lara announced Friday he has "provisionally" approved State Farm's rate hike of 22% as the company reports dealing with financial struggles stemming from the Los Angeles wildfires.

California Insurance Commissioner Ricardo Lara “provisionally” approved State Farm General’s request for an emergency 22% increase in its homeowners insurance rate Friday — but only if the company can justify it with data in a public hearing scheduled for next month.

Commissioner Ricardo Lara Lara wants the insurance giant to present evidence justifying the increase at a public hearing April 8.