Los Angeles, CA -- The California Supreme Court has refused to review a lower court ruling that stripped the Insurance Commissioner of critical powers granted by California voters to protect against excessive insurance rates.
By Bob Egelko, SAN FRANCISCO CHRONICLE
February 9, 2022
https://www.sfchronicle.com/bayarea/article/State-Farm-doesn-t-have-to-…
State Farm Insurance will not have to refund $100 million to homeowners after the state Supreme Court denied appeals Wednesday by California's insurance commissioner and a consumer organization, which both contended the customers had been overcharged.
By Bob Egelko, SAN FRANCISCO CHRONICLE
November 3, 2021
A state appeals court says California's insurance commissioner wrongly ordered State Farm to cut homeowners' rates by 7% in 2016 and should not have told the company to pay $100 million in refunds to its policyholders.
A California court has rejected a request by State Farm, the nation’s largest insurance company, to conceal the financial arrangements between its $168 billion parent company, based in Bloomington, Indiana, and its California subsidiary, which sells homeowners insurance and claims it’s in financial trouble.
SACRAMENTO, CA – Consumer Watchdog urged Assembly member Autumn Burke (D-Los Angeles) to withdraw legislation backed by State Farm Insurance because it “will irreparably harm policyholders who seek to repair their vehicles financially and, potentially, cost many consumers their safety, and even their lives.”
The wildfires devastating Bel Air, Ventura and Southern California's canyons are destroying homes in their path. Unfortunately, many of those homeowners are going to find that when they try to rebuild their homeowners' policies may not cover the real costs.
It's a sad cycle that happens after too many wildfires, include the historic devastation fires wrought recently in Sonoma and Napa Valley.
