House Speaker, Insurance Committee Chairman Invite State Farm to Present Florida Homeowners’ Coverage Exit Plan
Jan 27, 2009
Florida House Speaker Ray Sansom issued the brief note below to House members today, January 27, 2009, in which he invited State Farm representatives to present their plan to withdraw from the Florida homeowners’ insurance market to the House Insurance, Business, and Financial Affairs Policy Committee at its February 3, 2009 meeting.
To view a statement from Florida Insurance Commissioner Kevin McCarty on State Farm’s Florida homeowners insurance market withdrawal plans, click here.
Should you have any questions or comments, please do not hesitate to contact Colodny Fass.
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The Florida House of Representatives
Office of the Speaker
MEMORANDUM RE: State Farm Insurance
You may have heard reports today that State Farm has announced that over the next two years it will withdraw from the homeowners’ insurance market in Florida. We are very concerned about this development because State Farm writes property insurance coverage for more than 800,000 Floridians.
Equally important during these difficult economic times, the jobs of an estimated 5,000 State Farm agents and 15,000 State Farm employees depend upon this company’s continued presence in Florida. The company stated that it wants to continue to write auto insurance in our state. State Farm said it intends to submit a proposal to the Office of Insurance Regulation on how it plans to limit disruptions to customers.
I have spoken today about this matter to Rep. Pat Patterson, who chairs the House Insurance, Business, and Financial Affairs Policy Committee. He has agreed to invite State Farm representatives to next week’s committee meeting to present their plan, and to discuss consequences and solutions.
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