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OIR schedules hearing on State Farm

by Biz Journal SF - Aug 08,2007

The Florida Office of Insurance Regulation has scheduled a hearing concerning State Farm Insurance's plans to not renew certain residential policies in Florida.

The hearing is to be at 9:30 a.m., Aug. 14 in Tallahassee, in the Senate Office Building, room 401.

Insurance Commissioner Kevin McCarty said he has subpoenaed State Farm Florida Insurance Co., State Farm Florida Fire and Casualty Insurance Co. and State Farm Mutual Auto Insurance Co. to testify regarding the impact their non-renewal plans may have on rates.

The hearing is open to the public and the Florida Channel is to tape them, with video and agendas available at www.floir.com under the public rate hearings portion of the Web site.

People unable to attend the hearing can forward comments to the OIR at ratehearings@fldfs.com. Subject lines of e-mails should read "State Farm Hearing."

On July 19, State Farm said it is planning non-renewals for 50,000 Florida homeowner policies in "areas with high propensity for hurricane losses."

The OIR said it is examining the legality of the filing.

State Farm has about 1 million Florida homeowner's policies, for owners and renters of houses and condos. State Farm is Florida's second-largest homeowner's insurer, behind state-run Citizens Property Insurance Corp., which has about 1.3 million policies.

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 © American City Business Journals Inc. All rights reserved.

 

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