Florida Insurance Commissioner Kevin McCarty has issued a subpoena to State Farm Florida Insurance Company (State Farm Florida) requesting detailed information about the company's Florida property insurance policyholders.The request comes in follow-up to, and as part of, the Office of Insurance Regulation's (Office) review of the withdrawal plan State Farm Florida submitted Tuesday to withdraw from the Florida property insurance market. Specifically, the subpoena is requesting names, addresses, policy types, policy limits and premium information for each of State Farm’s Florida policyholders. The request is being made in conjunction with section 624.430(2), Florida Statutes.
"We need to fully understand all the potential risks, so that we can properly evaluate State Farm's withdrawal plan," said McCarty. "As we told State Farm officials Tuesday, we intend to do everything we can to help facilitate a smooth transition of their policyholders, if their withdrawal plan is approved. Understanding how the company's statewide risk is spread will help us in working to find other companies that might be willing to write policies for current State Farm customers."
State Farm is required to comply with the subpoena by Feb. 9.
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