State Farm to refund premiums, cooperate with Florida investigators

State Farm has agreed to reduce homeowner rates 9% and repay Florida customers almost $23.3 million in premiums already collected. The carrier will also pay $1.5 million in legal costs to the state of Florida and cooperate with the Florida Office of Insurance Regulation and the Office of the Attorney General on further investigations "related to potential collusion between insurers, trade associations and rating organizations." William Stander, assistant vice president and regional manager of the Property Casualty Insurers Association of America, said politics are having too great an impact on insurance rates.

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PropertyCasualty360 · Sun-Sentinel (Fort Lauderdale, Fla.)

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