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State Farm Deal in the Works

November 17th, 2009 by flanews

The state may have to allow State Farm to increase rates in order to keep the insurer in Florida.

Negotiations between the Office of Insurance Regulation and State Farm continue. A hearing to set guidelines for a State Farm pullout was postponed today, giving both sides an extra month to work on a deal. Today, Floridas Insurance Commissioner, Kevin McCarty, addressed rumors that State Farm had been offered a 15 percent rate increase to stay in Florida.

Well approve a rate increase, for State Farm or any other company that produces confident, substantial evidence to support their rate filing. Unfortunately, State Farm was unable to do that in the past. If they are able to substantiate a rate-increase in Florida, we will grant it. Obviously, we want our companies to not only maintain a presence in Florida, but have the financial wherewithal to pay their claims, said McCarty.

State Farm Announced it was dropping its homeowners policies after insurance regulators denied the company a 47 percent rate increase. At the time State Farm said it need the double digit hike to prepare for a major hurricane hitting Florida.

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