California Insurance Commissioner Ricardo Lara said he plans to approve a 22% emergency rate increase for State Farm policyholders, pending a public hearing next month, in a move aimed at stabilizing the state’s insurance market after the Los Angeles area’s devastating wildfires.

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.

The California Department of Insurance on Friday announced it had provisionally approved an emergency request by State Farm, the state's largest single insurer, to raise its home insurance premiums by 22 percent provided the company can "justify it with data in a public hearing" next month.