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Miss. AG seeks legislation on State Farm
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Candidate
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| Contributor | The Sunset Provision |
| Last Edited | The Sunset Provision Feb 18, 2007 10:41am |
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| Category | News |
| Media | Website - Yahoo News |
| News Date | Sunday, February 18, 2007 04:40:00 PM UTC0:0 |
| Description | Mississippi Attorney General Jim Hood said Friday he will seek legislation aimed at blocking State Farm Insurance Cos. from refusing to write new homeowners and commercial policies in the hurricane-battered state.
Hood's plan would require any company that writes automobile insurance in Mississippi and also writes homeowners policies in other states to offer homeowners and commercial properties throughout Mississippi.
Hood said his plan is modeled after actions taken by Florida. Florida's legislation primarily deals with preventing policy cancelations and non-renewals, but Hood said a model could be crafted to force companies to write new policies.
"We're looking at a robber baron in the face that is trying to make an example of Mississippi," Hood said of State Farm.
State Farm, Mississippi's largest homeowner insurer, said Wednesday it has had enough of the "untenable" legal and political climate in the state and is suspending writing new homeowners and commercial policies. The company said the suspension would begin Friday and continue until the business climate in the state is more palatable.
In a statement Friday, U.S. Rep. Bennie Thompson, D-Miss., said he was "deeply disturbed" by the decision and said Congress would hold hearings on the insurer's conduct.
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