Insight and Intelligence on the London & International Insurance Markets 24 Apr 2018
Judge spares State Farm from California retro rate cut
- 27 March 2018
A California judge has ruled the state's insurance commissioner overstepped his authority in setting State Farm's homeowners' and renters' insurance rates.
This, in effect, negates an order to make the rates retroactive and for the payment of more than $13mn in refunds.
San Diego Superior Court Judge Katherine Bacal ruled on Friday (23 March) California Insurance Commissioner Dave Jones wrongly ordered State Farm to cut its rates going back to mid-2015 after accusing the Bloomington, Illinois-based company in 2016 of...
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