State Farm has agreed to reduce homeowner rates 9 percent, as well as pay almost $23.3 million in customer refunds and $1.5 million in legal costs to the state of Florida, it was announced today.
In addition, the Florida Office of Insurance Regulation and Office of the Attorney General said the company agreed to cooperate with the OIR on further investigations "related to potential collusion between insurers, trade associations and rating organizations."
The agreement follows last month's announcement by Florida Insurance Commissioner Kevin McCarty that he had decided to expand a probe by the OIR into State Farm rate calculations and its plans to non-renew 50,000 policyholders. He said then that company executives would face two days of grilling at a hearing instead of one.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
