Illinois PIRG: State Farm's Influence Blocks Regulators' Probe
The Illinois Department of Insurance has filed a lawsuit against State Farm to obtain property insurance market data, due to the insurer's refusal to provide the information despite repeated requests.
According to Abe Scarr, program director for energy and utilities at the Illinois Public Interest Research Group (PIRG), the Illinois Department of Insurance lacks the enforcement power that other states' regulators have.
Part of regulators doing their job is not just to take the insurers word for it, but to have a better understanding of their business practices and their business practices related to how they're dealing with extreme weather.
The lawsuit was filed on October 10, after State Farm claimed it had already provided sufficient data to justify its recent rate increase.
Author's summary: State Farm blocks Illinois regulators' probe.
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