Florida Insurance Commissioner Kevin McCarty today announced an approval of State Farm Insurance Florida's withdrawal from the state, but subject to several major conditions:
• State Farm Florida shall surrender its Certificate of Authority within 30 days, which is needed to write or renew policies.
• State Farm shall not place any of its policies in Citizens Property Insurance Corp.
• State Farm shall allow its agents to place property insurance policies directly with other private insurance companies.
• State Farm shall issue pro-rata premium refunds to any policyholder seeking to voluntarily cancel or non-renew, and not short-rate the return premium for any policy in any line, including automobile, boat or property insurance.
• State Farm shall consider all offers to buy or assume all or part of its business.
Story courtesy of the Florida Association of Realtors
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