Friday, June 26, 2009

Gov. Crist's veto sends State Farm packing

Gov. Crist's veto sends State Farm packing
Article Courtesy of The Palm Beach Post
By Michael Bender
Published June 25, 2009

TALLAHASSEE — State Farm officials said they have no option but to leave Florida after Gov. Charlie Crist on Wednesday vetoed legislation to let them offer unregulated property insurance rates.

"At this point, we have no choice," State Farm Florida spokesman Chris Neal said.

State Farm, Florida's largest property insurer, announced in January that it would discontinue 1.2 million policies in Florida due to the state's rocky insurance market. This week, company officials said they would reconsider if Crist OK'd the bill to let the state's most highly capitalized insurers offer unregulated rates.

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