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State Farm Insurance Co

BUSINESS
May 18, 2002 | Times Staff and Wire Reports
State Farm, the nation's largest insurance company, was stripped of is triple-A rating for credit and financial strength by Standard & Poor's because of record losses last year--an action that may increase pressure on the company to further raise auto and homeowner premiums to boost its sagging finances. State Farm already has filed to hike rates in California by about 5% on auto insurance and 6.7% on homeowner coverage, a company spokesman said.
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BUSINESS
January 24, 2002 | LIZ PULLIAM WESTON, TIMES STAFF WRITER
In a move that may lead to higher homeowner insurance rates statewide, a major rating agency threatened Wednesday to downgrade State Farm's California operations because of serious losses in the insurer's residential business. Standard & Poor's placed State Farm General Insurance Co., a subsidiary of State Farm Mutual Automobile Insurance Co., on a credit watch after losses eroded the insurer's reserves to $390 million from $566 million a year ago.
BUSINESS
October 19, 2001 | Liz Pulliam Weston
An appeals court has ruled that State Farm can't block the release of information about where it sells insurance in California, a decision hailed by open-records advocates and critics who have accused the giant insurer of redlining. The state Court of Appeal in San Francisco ruled Wednesday that California insurance regulators acted appropriately two years ago in giving the State Farm data to consumer advocates who then made the information public.
BUSINESS
October 19, 2001 | LIZ PULLIAM WESTON, TIMES STAFF WRITER
An appeals court has ruled that State Farm can't block the release of information about where it sells insurance in California, a decision hailed by open records advocates and critics who have accused the giant insurer of redlining. The state Court of Appeal in San Francisco ruled Wednesday that California insurance regulators acted appropriately two years ago in giving the State Farm data to consumer advocates who then made the information public.
BUSINESS
March 17, 2001 | Liz Pulliam Weston
State Farm is joining the ranks of insurers offering mutual funds--just as the mutual fund industry is suffering from a plunging stock market and rising redemptions. The company is offering six stock funds, a balanced fund, two bond funds and a money market fund. State Farm said it added the funds to meet customer demand for more financial services.
BUSINESS
December 1, 2000 | LIZ PULLIAM WESTON
Insurance experts say consumers can reduce their auto insurance bills by picking safer cars. The problem is that nobody seems to be able to agree about what exactly constitutes "safer." The issue was underscored this week when State Farm Insurance announced it was replacing its automatic discount for air bags with a new discount that would be based on a vehicle's safety record. The price break applies only to the medical coverage portion of an automobile policy.
NEWS
November 29, 2000 | LIZ PULLIAM WESTON, TIMES STAFF WRITER
State Farm Insurance Cos., the largest auto insurer in California and the nation, unveiled a controversial plan Tuesday to lower insurance premiums for drivers of some of the biggest vehicles on the road while boosting rates for smaller, cheaper cars. The pricing plan, likely to be followed by other insurers, could raise or lower the medical portion of some drivers' insurance premiums by at most $50 a year.
NEWS
November 10, 2000 | RICARDO ALONSO-ZALDIVAR, TIMES STAFF WRITER
Holed up on the fifth floor of the massive Transportation Department building, an elite unit of avid car specialists prides itself on being able to spot a safety defect from the slimmest of clues. Two reports of a seat belt buckle that clicked but mysteriously failed to latch were enough to launch a recall investigation. So was the discovery of hidden cracks in welds on one flatbed truck trailer.
NEWS
June 27, 2000 | JENIFER WARREN, TIMES STAFF WRITER
When the phone call finally came, Cindy Ossias was ready. Her mounting frustration over insurance company settlements had reached critical mass. It was time to talk. So it was that Ossias, a seasoned lawyer with the state Department of Insurance, became a whistle-blower, launching investigations into California's biggest political corruption scandal in years. It is not a role she sought.
NEWS
April 2, 2000 | VIRGINIA ELLIS, TIMES STAFF WRITER
Insurance Commissioner Chuck Quackenbush rejected recommendations from his own legal team that some of the biggest insurance companies in the state be fined hundreds of millions of dollars for mishandling claims in the aftermath of the devastating Northridge earthquake.
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