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Insurance Law
State Farm Lloyds Appeals $310 Million Refund Order
The Houston Chronicle is reporting that State Farm Lloyds has filed an appeal to a Texas Department of Insurance order to pay home insurance policyholders $310 million in refunds and interest for alleged overcharges going back as far as 2003.Spokesman Kevin Davis says Texas' largest home insurer filed a motion for a rehearing with the Texas Department of Insurance.
Davis says the company also plans to file an appeal in Travis County district court.
Texas Insurance Commissioner Mike Geeslin issued the repayment order last week saying it completes reforms started six years ago by Texas lawmakers.
The order stems from a 6-year-old case in which regulators ordered the company to cut its rates 12 percent.
The appeal will halt repayments until the courts resolve the case.
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