Florida OIR Subpoenas State Farm
Jan 29, 2009
The Florida Office of Insurance Regulation (“OIR”) issued a subpoena to State Farm Florida Insurance Company (“State Farm”) requesting detailed information about its property insurance policyholders today, January 29, 2009. To view a copy of the subpoena, click here.
State Farm is required to comply with the subpoena by Monday, February 9, 2009.
The OIR’s press release is reprinted below.
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Florida Insurance Commissioner Subpoenas State Farm Policyholder Information
TALLAHASSEE, Fla. – Florida Insurance Commissioner Kevin McCarty today announced that he has issued a subpoena to State Farm Florida Insurance Company (State Farm Florida) requesting detailed information about the company’s Florida property insurance policyholders.
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.
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