State Farm to challenge Fla. rate hike revocation.(State Farm Insurance Co.)

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

TALLAHASSEE - State Farm Ins. Co. is challenging decision by the Florida insurance department to retroactively revoke a series of the carrier's commercial and residential property insurance rate increases, a decision made after the insurer announced plans to nonrenew some 90,000 policyholders in the state "The commissioner made serious allegations with which we respectfully disagree," said Don Sullivan, executive vice president and chief administrative officer of State Farm Fire and Casualty Co., in a statement.

Mr. Sullivan said the company has filed requests for formal administrative hearings. Florida Insurance Commissioner Bill Nelson canceled the previously approved rate increases after State Farm announced on Feb. 21 that it is eliminating its commercial...

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