TALLAHASSEE, Fla. – Dec. 16, 2009 – The Florida Office of Insurance Regulation today announced that State Farm Florida has agreed to continue serving the Florida property insurance market.
Insurance Commissioner Kevin McCarty issued a consent order that resolves pending litigation between State Farm Florida and the Office of Insurance Regulation over the company’s plan to abandon the state’s property insurance market. By the terms of the consent order, State Farm Florida will remain a significant player in the Florida residential property insurance marketplace.
“This agreement is the product of a long and arduous negotiation process,” says McCarty. “The final result is beneficial to the people of the State of Florida, and beneficial to the Florida insurance marketplace. The consent order satisfies the office’s requirements issued in our order dated Feb. 13, 2009, and allows State Farm Florida to remain a viable insurer in the Florida market.”
