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…

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