Fla. revokes State Farm rate hikes. (State Farm Insurance Co.)

National Underwriter Property & Casualty-Risk & Benefits Management, March, 1996 by Adams, Michael H.

TALLAHASSEE--Florida Insurance Commissioner Bill Nelson is revoking a series of property insurance rate hikes granted State Farm Ins. Co. over the past year, in the wake of the carrier's plans to nonrenew some 95,000 commercial and residential policies along the state's coastal region, effective Aug.

1. Commissioner Nelson said the rate increases were no longer justified since State Farm planned to eliminate its commercial coverage in the state's five largest coastal counties--Hillsborough, Palm Beach, Dade, Broward and Pinellas--affecting some 27,000 policyholders. He further criticized State Farm for requesting the rate increases based on exposure estimates he said the carrier knew would be reduced through the nonrenewals of policyholders. "It's important when...

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