Advisory - $250 million at stake for homeowners as insurer challenges rate regulations
SAN DIEGO, Calif. — Superior Court Judge Katherine Bacal will hear legal arguments from State Farm as the insurer continues to challenge Commissioner Dave Jones' rate filing decision ordering the company to reduce their dwelling insurance rates in 2015 by an average 7 percent, after the insurer sought a 6.9 percent increase. State Farm is challenging a long-standing department regulation that governs the rate-making formula used to evaluate insurer rate applications that ensures rates are fair and justified. At risk is $100 million in premium refunds ordered by Commissioner Jones—with interest, the total could reach $250 million.
WHO: California Department of Insurance
WHEN: Friday, March 9, 2018
WHERE: California Superior Court downtown San Diego
330 W Broadway, San Diego, CA 92101
- Nov 7, 2016 News release Commissioner orders refunds
- Department of Insurance staff are available to answer questions regarding the case.