STATE FARM HEARING POSTPONED UNTIL FURTHER NOTICE

The Florida Office of Insurance Regulation has just released the following:

 

TALLAHASSEE (08/10/2007) – Florida Insurance Commissioner Kevin McCarty has postponed the public hearing to be held on Tuesday, August 14, 2007 regarding recent underwriting decisions made by the State Farm companies conducting business in Florida. Subpoenas served on the companies for the upcoming hearing outlined the requirements for certain records to be produced for review by the Office of Insurance Regulation (Office) by close of business Wednesday, August 8, 2007. 

The response and information produced by the companies Wednesday was insufficient to meet the requirements set forth by the subpoenas. More information is expected to be available from State Farm as was indicated in communication with the companies. The Office’s legal staff is currently reviewing the matter to assure full compliance with the subpoenas and will be arranging another hearing date in the near future.

McCarty issued subpoenas in late July to State Farm Florida Insurance Company, State Farm Florida Fire and Casualty Insurance Company and State Farm Mutual Automobile Insurance Company, directing the three companies to appear at a public hearing in Tallahassee. The subpoenas served on State Farm require production of documents related to their recently filed non-renewal plans, multi-lines discounts, decision to withdraw from condominium business in Florida, and the impact these decisions may have on State Farm’s rates. 

Once rescheduled, the Office will issue another notice in the Florida Administrative Weekly, in a press release, and through an updated hearing agenda located on the Office’s website: http://www.floir.com/pcfr/RateHearings.htm#otherhearings.

The hearing will be open to the public, and input from interested parties will be welcomed.  The hearing will be taped by the Florida Channel and video will be available online shortly after the hearing at http://www.floir.com/pcfr/RateHearingVideo.htm#OtherHearings.  Those unable to attend the public hearing are welcome to forward comments to the Office at ratehearings@fldfs.com.  The subject lines of the emails should read State Farm Hearing.

Please contact Tom Zutell or Jonathon Kees at (850) 413-2515 for further information.

 

Should you have any questions or comments regarding this information, please feel free to contact this office.