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December 06, 2004
State Farm Files for Restraining Order
I retaliation of state regulators attempting to circumvent a recent court ruling that says State Farm does not have to comply with a rate-cutting order, State Farm filed for a restraining order against the Texas Department of Insurance.
On Friday a judge rejected State Farm's attempt to block the Texas Department of Insurance from forcing State Farm to lower its homeowners insurance rates. This move has not diminished the fight to keep the rates that State Farm actuaries insist are correct and necessary to protect assets.
"The company has no problem proceeding to a hearing on the insurance department's latest attempt to cut rates. An objective look at the facts will show that State Farm's homeowners rates are justified." says Sophia Harbert.
Posted by Tom Troceen