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Citing what it calls a potentially “dire situation,” State Farm on Monday asked California for permission to hike insurance rates by an average of 22%. In the wake of the Los Angeles-area ...
In the letter State Farm sent to the state, the company said, "Over the last nine years, the lack of alignment between price and risk means that for every $1.00 collected in premium, State Farm ...
Last year, State Farm announced that it would not renew more than 70,000 policies in the state, including many in the Palisades Zip code. The Pacific Palisades neighborhood of Los Angeles was hit ...
State Farm Mutual Automobile Insurance Co. v. Campbell, 538 U.S. 408 (2003), was a case in which the United States Supreme Court held that the due process clause usually limits punitive damage awards to less than ten times the size of the compensatory damages awarded and that punitive damage awards of four times the compensatory damage award is "close to the line of constitutional impropriety".
State Farm had to pay damages to the families of two car crash victims for whom Campbell was responsible, despite originally informing him and his family "that their assets were safe, that they had no liability for the accident, that [State Farm] would represent their interests, and that they did not need to procure separate counsel". [87]
Terry McNeil, an insurance expert and president and CEO of T.D. McNeil Insurance Services, said State Farm will likely try to do right by its customers but it is already strained in the state.
Motor Vehicle Manufacturers Association v. State Farm Mutual Automobile Insurance Co., 463 U.S. 29 (1983), commonly known in U.S. administrative law as State Farm, is a United States Supreme Court decision concerning regulations requiring passive restraints in cars.
The insurance regulator will investigate these rate-increase applications, a spokesperson told Reuters in an email. State Farm insures 250,000 homes and 880,000 automobiles in Los Angeles County ...