OIR Denies State Farm Petition to Dispute Conditional Withdrawal Order; Affords 21 Days to Amend
Mar 25, 2009
In a March 24, 2009 letter to State Farm Florida, the Florida Office of Insurance Regulation (“OIR”) has denied the insurer’s March 6 petition for an administrative hearing because it “fails to set forth with sufficient particularity ‘all disputed issues of material fact’ (that affects State Farm’s) ‘substantial interests’ that would entitle it to an administrative proceeding. Rather, the Petition only reflects (State Farm’s) displeasure with the terms of the (OIR’s February 13 Conditional Approval) Order.”
The OIR’s March 24 letter is attached for your review.
The OIR’s March 14 letter to State Farm requests an explanation from the insurer of why it does not consider the placement of an additional State Farm 470,000 policyholders into Citizens Property Insurance Corporation during the first year of its Withdrawal Plan.
While the OIR has dismissed State Farm’s request for an administrative hearing in the March 24 letter, it has afforded an opportunity for the insurer to address the OIR’s concerns by filing an amended petition no later than April 14, 2009 at 5 p.m.
To view a chronology of State Farm events in Florida, click here.
Should you have any questions or comments, please contact Colodny Fass.
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