TALLAHASSEE, Fla. -- (AP) -- An appeals court has backed a decision by Florida regulators rejecting State Farm's request to hike Florida property insurance rates by 47.1 percent.

The Office of Insurance Regulation said Tuesday that the 1st District Court of Appeal affirmed Insurance Commissioner Kevin McCarty's order that rejected the rate hike request from State Farm. The court did not give a reason for its decision.

State Farm has 15 days to file a motion for rehearing.

The Illinois-based insurance giant announced plans earlier this year to withdraw from the property insurance market in Florida, claiming that its Florida subsidiary could not remain solvent.

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