Florida OIR gives conditional approval of State Farm Florida's plan

Florida, February 13, 2009 –State Farm Florida received conditional approval from the Florida Office of Insurance Regulation (OIR) of its plan to discontinue its property insurance business in the state.

State Farm Florida is pleased with the OIR’s prompt response to the plan; however, the order contains several mischaracterizations, and carries with it several conditions. As a result, State Farm Florida will need to study the OIR’s response more closely before it responds further.

The company has 21 days to review and respond, and – by Florida statute – cannot take any action in furtherance of the plan until final approval.  

In the mean time, State Farm Florida hopes to work cooperatively with the OIR to gain final approval of the plan. We hope further conversations with the OIR will allow us to create an orderly process that is best for our customers, our agents and employees, and the marketplace.