A San Diego superior court judge upheld the California Insurance Commissioner’s order to
State Farm to reduce rates for homeowners and renters insurance.
Judge Katherine Bacal denied a request by the insurance firm to suspend the commissioner’s order for the company to lower its rates by 7% or $84 million over the next year.
According to a report by news outlet
Fox, the petition filed by State Farm was seen as attempting to dilute the consumer protections provided in Proposition 103.
Commissioner Dave Jones,was quoted by
Fox as saying: ”I look forward to having my team work with the court to craft an order that requires State Farm (to) fully identify the rate payers so that State Farm is actually able to issue rebates, totaling $110 million when this case is concluded.”
Meanwhile,
Fox also cited a statement by the insurance firm.
“Making sure State Farm’s homeowners’ insurance rates are appropriate for the risks insured is critical to State Farm’s ability to deliver on our promise to customers, that we will be there when they need us most,” it read.
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