California insurance regulators have “provisionally approved” State Farm’s request for a massive rate hike for homeowners following the devasting Los Angeles wildfires.

California’s insurance commissioner said his approval was conditioned on State Farm justifying its need for the increase by bringing data to a public hearing on April 8.

California's top insurance regulator says he will approve an emergency request from State Farm to raise home insurance rates for roughly a million customers if the company can justify the hike at a public hearing.