State Farm Insurance headquarters in Bloomington, Illinois.
California Insurance Commissioner Ricardo Lara approved State Farm’s emergency 17% rate hike request after an administrative law judge ruled in favor of the carrier on May 13.
The ruling stems from a three-day hearing in April and also requires the company receive an immediate $400 million cash infusion from its parent company to address its serious financial condition.
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Joe Toppe
Joe Toppe serves as managing editor of PropertyCasualty360.com. Joe is also a father of three, an author, and longtime lover of baseball.
