The Florida insurance commissioner announced yesterday that he has subpoenaed State Farm for information about home insurance policyholders, two days after the company said it will abandon the state's property market.
The request for information, said Commissioner Kevin McCarty in a statement, is a follow-up to and is part of the Office of Insurance Regulation's review of the plan for withdrawal State Farm Florida submitted on Monday.
State Farm, moved to withdraw two weeks after Mr. McCarty denied its request for a 47.1 percent average rate increase for property coverage. The company said then it was being forced to leave because of deteriorating financial conditions with its surplus (net worth or the amount by which assets exceed liabilities) declining from $820 million to $621 million since Jan. 1, 2008.
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