Commissioner of Insurance Mike Chaney moved to quickly to reassure state leaders and policyholders that no big insurance companies are leaving Mississippi.
Chaney issued a statement after the announcement by State Farm that it is withdrawing from the Florida property and casualty market where it insures more than 1 million policyholders.
Chaney said he spoke with a vice president and counsel from State Farm and learned the company had no similar actions planned for Mississippi.
“We will continue to work with all companies in providing an available,
accountable and affordable market in Mississippi, and look for
solutions, not scapegoats, in solving the insurance crisis we are all
facing,” Chaney said in a letter sent to Governor Barbour and other
state legislators.
In his letter, Chaney stated that the Mississippi insurance market is in a very different and much healthier position than the Florida market.
“The Mississippi Insurance Department has worked very diligently to
avoid finding Mississippi in the same situation as Florida,” Chaney
said.
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