Regulator conditionally OK's State Farm's pullout

TALLAHASSEE, Fla. (AP) - Florida's insurance commissioner says he's giving conditional approval to State Farm's request to withdraw from the state' property insurance market.

State Farm Florida, a subsidiary of the Illinois-based insurer, said last month it could not continue doing business in Florida's high-risk property market without becoming insolvent.

Insurance Commissioner Kevin McCarty said Friday that State Farm can go ahead with its plan to withdraw from the Florida property insurance market, but stipulated several conditions with which the company must comply.

State Farm has 21 days to review McCarty's order and decide whether to abide by it or request an administrative hearing.

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