State Farm Insurance rate reductions are inadequate, billions in fines may follow

California State Farm Insurance Rate Notice of Noncompliance

The California Department of Insurance has issued a notice of noncompliance to the insurer. California Insurance Commissioner Dave Jones ordered a State Farm insurance rate reduction in December 2016. The Department of Insurance has now issued a noncompliance notice to the insurer for failing to reduce premiums as mandated. The insurance company was ordered to reduce renters and homeowners insurance rates by an average of 7 percent. This State Farm insurance rate decrease would save consumers $84 million over the span of a year. Moreover, the insurance company was also…

Read More

State Farm receives A.M. Best top ratings scores

 State Farm General Insurance Company’s financial strength rating (FSR) and issuer credit rating (ICR) have been revised by A.M. Best Co., upgrading them from their previous “A-“ (Excellent) to a current “A” (Excellent), in both cases.   State Farm Group and State Farm Life Group and their members have also received an FSR and ICR of “A++” (Superior) by Best.  State Farm Fire and Casualty Company in Dallas, State Farm Indemnity Group, and State Farm International Life Insurance Company, Ltd, also had had their FSR and ICR affirmed by Best. All…

Read More