A continuing Florida probe of "potential collusion" over rates by property insurers is the result of a "warlike" political atmosphere setting state public officials against carriers, a trade group executive said today.
The comments from Sam Miller, executive vice president of the Florida Insurance Council, were in response to yesterday's official announcement that State Farm will cooperate with "further investigations related into potential collusion between insurers, trade associations and rating organizations."
State Farm's agreement, which concluded an investigation of the company, also involved lowering its homeowners' rates in the state 9 percent; paying legal costs of the Office of the Attorney General and Office of Insurance Regulation (OIR); and refunding $23.3 million in surcharges to customers.
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