Florida's year-long, acrimonious battle with State Farm over its threat to leave the state's homeowners insurance market ended last week with the company winning a 14.8 percent rate increase and permission to drop 125,000 policyholders.
Insurance Commissioner Kevin McCarty announced that he had ended the year-long dispute and resolved pending legal action with a Consent Order allowing the non-renewal of 125,000 of the company's 810,416 Florida policies.
"By the terms of the Consent Order, State Farm Florida will remain a significant player in the Florida residential property insurance marketplace," he said in a statement released after a press conference.
Continue Reading for Free
Register and gain access to:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
