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"State Farm to pull out of 72,000 California insurance policies," blared a Reinsurance News headline. State Farm provides nearly 21 percent of state homeowner policies, so this is big news.
State Farm is California's biggest car insurer. In all, the six largest insurers have received rate increases totaling more than $1 billion, Consumer Watchdog says.
In early 2009, the State Farm Florida subsidiary, the state's largest insurer, offered to withdraw from writing property insurance business in Florida after state regulators refused to approve a 47% property rate increase. State Farm said that, in Florida, it had paid out US$1.21 in claims for every dollar in premiums since 2000.
The company decided to drop roughly 30,000 home, rental and other property policies statewide a little over a month ago. California State Farm customers anxious as insurer starts major policy cuts ...
State Farm Mutual Automobile Insurance Co. v. Dept. of Transportation, 680 F.2d 206 (D.C. Cir. 1982); cert. granted, 459 U.S. 987 (1982). Holding The standard of review for rescinding notice and comment rules is the same as that for enacting rules.
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".
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The California Consumer Financial Protection Law (CCFPL) gave the DFPI expanded enforcement powers to protect California consumers from unfair, deceptive, or abusive practices committed by unlicensed financial services or products; COVID-19 pandemic-inspired scams; and a regulatory retreat by some federal agencies, most notably the Consumer ...