State Farm isn't cutting rates fast enough and could be fined billions, insurance regulator says

[TexasTowelie]

The California Department of Insurance says State Farm is not moving fast enough to lower its rates for homeowners and renters and it could face billions of dollars in fines if it doesn’t speed up the process.

The threat of hefty fines, sent Friday to State Farm, escalates an increasingly bitter fight between the department and the Bloomington, Ill., insurance giant.

Insurance Commissioner Dave Jones ordered a rate cut as of Dec. 8, but State Farm has challenged that order in court and does not plan on cutting rates until Feb. 13.

The legal notice alleges that State Farm is violating the state’s insurance code because it is continuing to charge rates deemed by Jones’ office to be too high.

Read more: http://www.latimes.com/business/la-fi-state-farm-cuts-20170116-story.html

[font color=330099]Don't get your hopes up Californians. When it was determined that State Farm was overcharging Texas policyholders they kept the rate decrease litigated for over a decade and the policyholders only received a fraction of what was overcharging.[/font]

[pbmus]

1. Squeeze every penny until the turnip turns red....