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Crist vetoes “State Farm” bill

Posted Jun 24, 2009 by William March

Updated Jun 24, 2009 at 02:48 PM

Gov. Charlie Crist has vetoed the “State Farm” bill, a bill that would have allowed large insurance companies to sell property insurance policies with unregulated rates.

In his veto message, Crist said the bill would benefit “a select group of property insurance companies” and allow them to “cherry-pick, or sell only to profitable policyholder risks” while “offloading their undesirable policyholders that are higher risk to their competitors and Citizens Property Insurance.”

He said the bill also contains no guarantees that the companies allowed to sell the non-regulated policies would stick around—they could still dump their policyholders and leave the state.

Advocates said the state needed the large capital reserves of national companies that are leaving the state, mainly State Farm Insurance. The company has said it might reconsider its decision to abandon the Florida market if Crist passed the bill.