A Florida-based analyst at The Heartland Institute reacted today to the news that the Florida Office of Insurance Regulation (OIR) had again delayed its hearings on the potential exit of State Farm.
The company, Florida’s largest private-sector insurer, has announced plans to leave the Florida market in the near future and has submitted a withdrawal plan to OIR.
“Florida government seems to be suffering from political schizophrenia these days. On one hand, it enacts policies that drive private companies away from the insurance market—and brags about it,” said Christian Cámara, director of the Florida office for The Heartland Institute’s Center on Risk, Regulation, and Markets.
“Then on the other hand, it uses bureaucratic stall tactics as a mechanism to hold companies captive and force them to stay in Florida against their will, which is entirely un-American and effectively scares away other insurers that might be considering entering the state.”
Cámara said Florida should work to create a better, more free market for the benefit of consumers and the economy. “The state should enact meaningful, market-freeing reforms not only so the insurer willingly stays, but also to attract its competitors to ensure that risk is spread, prices are competitive, and consumers enjoy ample choice.”
Cámara can be reached at 305/608-4300 and [email protected]