January 24, 2002 |
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.
October 19, 2001 |
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.
March 17, 2001 |
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.
December 1, 2000 |
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.
November 29, 2000 |
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.
November 10, 2000 |
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.
June 27, 2000 |
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.
April 2, 2000 |
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.
March 25, 2000 |
State Farm's policy-holders will not get state-proposed refunds of about 3.9% on their 1989 premiums for auto, homeowners and other property and casualty insurance. The California Supreme Court denied review Wednesday of lower-court rulings overturning the refunds, which had been ordered by state Insurance Commissioner Chuck Quackenbush. A lawyer for Quackenbush said the case sets a precedent that could endanger other refunds.
CALIFORNIA | LOCAL
December 5, 1999 |
State Farm Insurance is suing the state and a former Texas insurance commissioner for the return of information it claims is proprietary but which critics say confirms a long-standing contention that the company underserves poor communities across Los Angeles County.