Insurance Commissioner Subpoenas State Farm

TALLAHASSEE, Fla. –
The request comes in follow-up to, and as part of, the Office of Insurance Regulation’s (Office) review of the withdrawal plan State Farm Florida submitted Tuesday to withdraw from the Florida property insurance market. Specifically, the subpoena is requesting names, addresses, policy types, policy limits and premium information for each of State Farm’s Florida policyholders. The request is being made in conjunction with section 624.430(2), Florida Statutes.

“We need to fully understand all the potential risks, so that we can properly evaluate State Farm’s withdrawal plan,” said Commissioner McCarty. “As we told State Farm officials Tuesday, we intend to do everything we can to help facilitate a smooth transition of their policyholders, if their withdrawal plan is approved. Understanding how the company’s statewide risk is spread will help us in working to find other companies that might be willing to write policies for current State Farm customers.”

State Farm is required to comply with the subpoena by Feb. 9.

A detailed chronology of all events associated with recent State Farm issues is available on the Office Web site, www.floir.com and in the Office’s Jan. 12 news release announcing Commissioner McCarty’s Final Order denying State Farm’s 47 percent average statewide rate increase.

About the Florida Office of Insurance Regulation
The Florida Office of Insurance Regulation (Office) has primary responsibility for regulation, compliance and enforcement of statutes related to the business of insurance and the monitoring of industry markets. The Office protects Florida consumers through regulatory oversight of: insurance company solvency, policy forms and rates, market conduct performance and new company entrants to the Florida market. For more information about the Office, please visit www.floir.com. If you would like information about the Cover Florida Health Care Access Program, please go to www.coverfloridahealthcare.com.


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