Florida Office of Insurance hearing

FLORIDA’S Office of Insurance Regulation has put off a hearing to consider State Farm’s previously announced plan to leave the state’s property insurance market until January 25, 2010. The meeting had already been postponed to mid-December, and this latest delay comes nearly a year after the unit of Illinois-based State Farm first threatened to leave the Florida market after state regulators rejected its request for a 48% jump in rates. Florida governor, Charlie Crist (pictured), vetoed the rate hike on the grounds it could lead to increases that consumers could not afford. Earlier this month state insurance commissioner, Kevin McCarty, told the Florida Cabinet he believed State Farm would “retain a presence” in Florida by the end of the negotiations.