Florida Office of Insurance Regulation Action on State Farm Florida Request for Administrative Hearing

On March 24, the Florida Office of Insurance Regulation (OIR) dismissed State Farm Florida’s request for an administrative hearing that, if necessary, would allow State Farm Florida to object to conditions attached to the OIR’s approval of its withdrawal plan. The OIR cited a variety of statutes and other legal issues with which the Florida Company’s petition allegedly did not comply. The OIR provided State Farm Florida 21 days in which to amend the petition and resubmit for reconsideration.

We believe State Farm Florida’s petition is clear and sufficient, and we are currently reviewing the OIR's response. While State Farm Florida does plan to file an amended petition, we remain hopeful the productive conversations we've had to date will lead to agreement with the OIR without having to go through the administrative hearing process.