State Farm homeowners insurance customers may soon receive a refund

May 16, 2017May 13, 2017 H. Cutner

The same may be said for many renters insurance policyholders in California. State Farm homeowners insurance and renters insurance customers in California may soon be receiving refund payments. The insurer is sending the checks to customers as a result of a decision made by the state Department of Insurance. The California Department of Insurance told State Farm it needed to repay policyholders due to excessive rates. The department deemed the rates charged to State Farm homeowners insurance and renters insurance customers to be excessive. As a result, about 250,000 policyholders…

Insurance refund total of $2.75 million and a fine to be paid by insurer

December 6, 2013December 3, 2013 Julie Campbell

A company based in Virginia will be issuing the payments on top of a $1 million fine after being caught overcharging. An insurer based in Virginia will be sending out an insurance refund that totals $2.5 million on top of a fine that will cost almost $1 million in order to settle the claims that have been made that indicate that it had been overcharging students in New York. Estimates are that there were approximately 22,000 students from 37 New York colleges that were overcharged. The insurance refund and fine…

A federal report reveals that private insurers are indebted to the Florida government

July 10, 2011May 14, 2013

The state of Florida stands to receive a large sum of money in reimbursement after several private health insurers overstated how much they had spent on patient care. The insurers, who participate in the State Children’s Health Insurance Program, owe state health officials $3.1 million, according to a new federal report from the Department of Health and Human Services. In accordance with the health care reform of last year, insurers are required to spend no less than 85% of the money they collect from premiums on medical services. Any shortfalls…