A hearing by Florida regulators over State Farm's business actions in the state has been postponed because the department said it has not received all the documents it requested.
In a statement released today, Florida Insurance Commissioner Kevin McCarty postponed the Aug. 14 hearing intended to review recent underwriting decisions made by the Bloomington, Ill.-based carrier in Florida.
The department said a subpoena served on the company's three subsidiaries for the hearing required that certain records be produced for review by regulators by the close of business Aug. 8.
What it received, the office said, was insufficient to meet what regulators requested. However, State Farm is expected to make more information available. The department's legal staff is reviewing the matter to assure full compliance with the subpoenas and will be arranging another hearing date in the near future.
Mr. McCarty said he issued subpoenas in late July to State Farm Florida Insurance Company, State Farm Florida Fire and Casualty Insurance Company and State Farm Mutual Automobile Insurance Company. He directed the three companies to appear at a public hearing in Tallahassee, Fla.
The subpoenas require production of documents related to the companies' filed nonrenewal plans, multilines discounts, decision to withdraw from condominium business in Florida, and the impact these decisions may have on State Farm's rates.
The office said it will advise when the hearing is rescheduled.
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