The Florida Office of Insurance Regulation (Office) has reached an agreement with State Farm Florida that will allow the insurer to remain a significant player in the Florida residential property insurance marketplace.
Florida Insurance Commissioner Kevin McCarty, who was recently elected vice president of the National Association of Insurance Commissioners (NAIC), issued a consent order that resolves the pending litigation between State Farm Florida and the Office over State Farm Florida's plan to leave the property insurance market.
"This agreement is the product of a long and arduous negotiation process," McCarty remarked. "The final result is beneficial to the people of the State of Florida, and beneficial to the Florida insurance marketplace."
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