Florida Subpoenas State Farm Policyholder Data for Withdrawal Plan

January 30, 2009

Florida Insurance Commissioner Kevin McCarty has issued a subpoena to State Farm Florida Insurance Co. requesting detailed information about the company's Florida property insurance policyholders.

The request comes in follow-up to, and as part of, the Office of Insurance Regulation's review of the withdrawal plan State Farm Florida submitted to withdraw from the Florida property insurance market. Specifically, the subpoena is requesting names, addresses, policy types, policy limits and premium information for each of State Farm's Florida policyholders.

"We need to fully understand all the potential risks, so that we can properly evaluate State Farm's withdrawal plan," said Commissioner McCarty. "As we told State Farm officials Tuesday, we intend to do everything we can to help facilitate a smooth transition of their policyholders, if their withdrawal plan is approved. Understanding how the company's statewide risk is spread will help us in working to find other companies that might be willing to write policies for current State Farm customers."

State Farm is required to comply with the subpoena by Feb. 9.

Source: Florida OIR
www.floir.com