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Statement by CFO Sink on Oir’s Conditional Approval of State Farm Florida Withdrawal Plan

2/13/2009

CONTACT:  Tara Klimek or Kevin Cate
850-413-2842
  
TALLAHASSEE – Florida Chief Financial Officer Alex Sink today offered the following statement:
 
“Today’s news brings clarity to thousands of Floridians who can now begin planning their insurance transition from State Farm Florida.  It is appropriate to hold State Farm Florida to high standards and require an orderly transfer within Florida’s private property insurance market.
 
“As Florida’s Chief Financial Officer, I am especially delighted that State Farm cannot interfere with its agents’ ability to place their customers with other insurance companies.  This allows current State Farm policyholders to remain with their State Farm agents, who will now be free to help Floridians find the property insurance coverage that best suits their needs. 
 
“We have posted helpful information for State Farm Florida consumers on our Web site, and I encourage all Floridians to shop around for coverage.  There are a number of insurance companies who are committed to helping Florida’s families protect their property and assets.”
 
The Florida Department of Financial Services Website: www.MyFloridaCFO.com
Link to CFO Sink’s letter to State Farm Florida
 
As a statewide elected officer of the Florida Cabinet, Chief Financial Officer Alex Sink oversees the Department of Financial Services, a multi-division state agency responsible for management of state funds and unclaimed property, assisting consumers who request information and help related to financial services, and investigating financial fraud. CFO Sink also serves as the State Fire Marshal.