State Farm agrees to refund $352 million in overcharges to Texas customers
In a long-awaited win for consumers, State Farm Insurance agreed Friday to refund $352.5 million in excessive premiums to its Texas customers to settle a nearly 12-year-old legal battle over the company’s homeowner rates.
The massive settlement announced on Friday came after lengthy negotiations involving the company, Texas Department of Insurance and the Texas Office of Public Insurance Counsel.
While State Farm repeatedly denied it overcharged its policyholders dating back to 2003, company officials finally gave in after failing to get a court ruling that overturned the original order for refunds by the state insurance commissioner.
That order accused the company of setting its premiums for homeowners insurance far above what was necessary to earn a reasonable profit.
Read more: http://trailblazersblog.dallasnews.com/2015/02/state-farm-agrees-to-refund-352-million-in-overcharges-to-texas-customers.html/
= new reply since forum marked as read
