Fla. Commissioner Conditionally OKs State Farm Exit

Law360, New York (February 13, 2009, 12:00 AM EST) -- The Florida insurance commissioner said Friday that he would allow State Farm to exit the state's property insurance market after it transfers its policyholders to other private companies.

Insurance Commissioner Kevin McCarty said that while he would allow State Farm to leave the market as it requested in January, the company would have to meet certain conditions to do so. The insurer has asked to discontinue its property insurance lines in the Sunshine State because, it said, it risks insolvency without a substantial rate increase, which...
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