State of Florida agrees to State Farm withdrawal
(BESTWIRE) - Florida's Office of Insurance Regulation has approved State Farm Florida's plan to withdraw from the property insurance market in the state within two years, but the company is barred from penalizing policyholders for terminating their contracts early and from preventing its agents from working with other companies.
As a condition of the approval, the company must surrender its state certificate to write insurance within 30 days, said Florida Insurance Commissioner Kevin McCarty.
Most State Farm policyholders will
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