State Farm Adamant to exit
Friday, Mar 06,2009, 5:29:33 PM Click:
State Farm Adamant exit Catherine Dolinski Tampa Tribune, Fla. McClatchy-Tribune Regional News
February 6 - Tallahassee - State Farm plans to appeal the state's rejection of its rate filing to the court - but do not mistake that for a sign that the company may remain, the company said Thursday.
Even if it wins its case, State Farm will leave the Florida insurance market goods.
State Farm announced last week it was abandoning all its millions of policyholders property insurance in Florida after regulators rejected the company filing for a rate increase of 47 percent.
The company now expects a call from his rejection rate in district court.
State Farm spokesman Chris Neal laid to rest any speculation that the court could annul the victory of the business plan exit. The company, he said Thursday, is too financially insecure to stay in Florida at this point.
"There is no other option," said Neal. "To take another line of action, in fact, would be irresponsible."
State Farm is appealing the rejection rate because the company believes that the decision was erroneous could create a precedent and against the insurance interests, "said Neal. State Farm has no plans to discontinue coverage auto insurance in Florida, he said.
On Tuesday, the lawmakers asked whether the representatives of the insurance company to change the state laws and regulations change their plan.
But Neal said Thursday that the company in May skip the discussion on the reform of the state property insurance market because it could affect the rest State Farm policyholders. Car insurance customers will be on the hook for assessments, if a hurricane destroys the state Hurricane Catastrophe Fund.
To see more Tampa Tribune or to subscribe to the press, go to http://www.tampatrib.com. Copyright (c) 2009, Tampa Tribune, Fla. Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303 , Glenview, IL 60025, USA. February 6 - Tallahassee - State Farm plans to appeal the state's rejection of its rate filing to the court - but do not mistake that for a sign that the company may remain, the company said Thursday.
February 6 - Tallahassee - State Farm plans to appeal the state's rejection of its rate filing to the court - but do not mistake that for a sign that the company may remain, the company said Thursday.
Even if it wins its case, State Farm will leave the Florida insurance market goods.
State Farm announced last week it was abandoning all its millions of policyholders property insurance in Florida after regulators rejected the company filing for a rate increase of 47 percent.
The company now expects a call from his rejection rate in district court.
State Farm spokesman Chris Neal laid to rest any speculation that the court could annul the victory of the business plan exit. The company, he said Thursday, is too financially insecure to stay in Florida at this point.
"There is no other option," said Neal. "To take another line of action, in fact, would be irresponsible."
State Farm is appealing the rejection rate because the company believes that the decision was erroneous could create a precedent and against the insurance interests, "said Neal. State Farm has no plans to discontinue coverage auto insurance in Florida, he said.
On Tuesday, the lawmakers asked whether the representatives of the insurance company to change the state laws and regulations change their plan.
But Neal said Thursday that the company in May skip the discussion on the reform of the state property insurance market because it could affect the rest State Farm policyholders. Car insurance customers will be on the hook for assessments, if a hurricane destroys the state Hurricane Catastrophe Fund.
To see more Tampa Tribune or to subscribe to the press, go to http://www.tampatrib.com. Copyright (c) 2009, Tampa Tribune, Fla. Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303 , Glenview, IL 60025, USA. February 6 - Tallahassee - State Farm plans to appeal the state's rejection of its rate filing to the court - but do not mistake that for a sign that the company may remain, the company said Thursday.
You may also be interested in:
- Hanover Insurance launches new management liability coverage for nonprofits
- 80% Of Couples Aren't On The Same Page About Retirement Planning
- AFL-CIO Wants State Regulators to Probe Health Insurers' Lobbying
- The Coastal Bank selects T8 Webware
- Aon Benfield CEO: Economic Turmoil should be good for reinsu
Featured
ENDING INSURANCE COMPANIES' CONTROL OF THE MARKET
For over sixty years, insurance companies have enjoyed a significant
Annuity Industry Fights Back, Last Chance to join the
Massive change is upon the annuity industry. Now is your chance to lead the
Web Site and Toll-free Line Will Help Unemployed
WASHINGTON--(BUSINESS WIRE)-- The Centers for Medicare Medicaid Services (CMS)
Research and Markets: European markets for claims
DUBLIN, Ireland--(BUSINESS WIRE)-- Research and Markets
Insurers Need Clear Attitude from CIRC
Insurers in China, which always show interest in IPO shares, did not subscribe
A.M. Best Downgrades Ratings of AEGON N.V.''s U.S.
Copyright 2009 Business Wire, Inc. Business Wire April 23, 2009 Thursday 4:09
MOST POPULAR
- Most Read
- Most Discussed
- Most Emailed
- Best's Review's Insurance Broker Ranking Shows Aon, Marsh at the Top, Shifting Lineup
- Universal Property & Casualty Insurance Co. Increases Bu
- AAA will drop homeowners' insurance policies in Louisiana
- Willis Group Holdings names CEO Tony Ursano, Willis Capital
- A.M. Best Downgrades Ratings of State Farm Florida Insurance
- Lightning-Related Insurance Claims Up
- A.M. Best Affirms Ratings of Auto-Owners Insurance Group and
- Berkshire Hathaway’s Insurance Subsidiaries Buck Property/C
- Nationwide Insurance, Allied Insurance Responding to Hail Storm in Denver Area
- European Insurance Asset Management Survey published
-
Time to take out a tracker mortgage? -
European Insurance Asset Management Survey published -
Squatters move into Billionaires’ Row as concern grows over homes left empty -
Meeting Climate Change Head On -
Fidelity National Financial price of 15.8 million shares -
A Market in Flux: Insurers at RIMS Discuss the New World The -
Two veterans Corporate Risk Join Alliant Insurance Services -
P/C Industry's Net Income And Overall Profitability Tumbled In First-Half 2009
Discuss this news
Click Here to see all comments