Florida regulators are calling on three State Farm subsidiaries to clarify the company's plans to reduce its risk in the state, issuing subpoenas to appear at a public hearing next week.
In announcing the subpoenas today, which were issued late last month to the company, the Florida Office of Insurance Regulation cited recently filed nonrenewal plans, multilines discounts, the company's decision to withdraw from condominium business and the impact these decisions may have on rates.
Jonathan Kees, a spokesman for the state's insurance office, said the subpoenas were issued over concerns that the language in the nonrenewal rules filed by State Farm was "vague and ambiguous," and that regulators want to discuss the potential impact of that language on the carrier's rates in the state.
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