State Farm Disputes OIR’s Conditional Withdrawal Approval
Mar 6, 2009
In response to receiving conditional Florida Office of Insurance Regulation (“OIR”) approval of its plan to withdraw all property insurance business statewide, State Farm Florida Insurance Company and State Farm Florida Mutual Automobile Insurance Company (“State Farm”) filed a petition today, March 6, 2009, requesting an administrative hearing to dispute the OIR’s findings of fact.
State Farm’s petition declares that the OIR has no statutory authority to prohibit any insurer from making a business decision to discontinue operations within Florida, nor does it have the legal authority to question the validity of the reason for the insurer making such a decision.
State Farm’s petition, which includes its Withdrawal Plan and the OIR’s February 13, 2009 conditional approval Order is attached for your review.
Should you have any questions or comments, please contact Colodny Fass.
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