Florida Insurance Commish OK's State Farm's Pullout

Kevin McCarty said State Farm can go ahead with its plan to withdraw from the Florida property insurance market, but stipulated several conditions with which the company must comply.

By: Jamie Burch | WKRG-TV
Published: February 13, 2009

» Comments | Post a Comment

TALLAHASSEE, Fla. (AP) - Florida's insurance commissioner says
he's giving conditional approval to State Farm's request to
withdraw from the state' property insurance market.
State Farm Florida, a subsidiary of the Illinois-based insurer,
said last month it could not continue doing business in Florida's
high-risk property market without becoming insolvent.
Insurance Commissioner Kevin McCarty said Friday that State Farm
can go ahead with its plan to withdraw from the Florida property
insurance market, but stipulated several conditions with which the
company must comply.
State Farm has 21 days to review McCarty's order and decide
whether to abide by it or request an administrative hearing.

(Copyright 2009 by The Associated Press. All Rights Reserved.)