February 20, 2007

Jim Hood gave a press conference about State Farm's decision to cease writing new insurance policies in Mississippi; David Rossmiller dialed in, and has an entertaining, if disturbing, account:

Last Friday I dialed the conference call number for Mississippi Attorney General Jim Hood's press conference and listened in amazement as an elected state official called State Farm " a cult," "decadent" and "robber barons." All this because of State Farm's decision not to underwrite new homeowners and commercial insurance in the state because of the legal and business climate there. Then Hood proposed legislation to, in essence, make them stay. If what Hood said is true, wouldn't the state be better off without them? I mean, who wants to buy insurance from a decadent cult of robber barons? ...

[Hood] claimed recent cases in federal court established that flood or "storm surge" was covered under State Farm's homeowners policies. For anyone who has been paying attention, you know this is not only wrong but offensively ignorant of the basic facts. Remember, this is the guy who was conducting a criminal probe of State Farm's claims adjusting practices, and he apparently has absolutely no idea of what is going on!

Earlier: Feb. 16.