Deal Ends Lawsuit, Keeps Insurer in State
From Times Wire Reports
State officials and Farmers Insurance Group reached a settlement that will keep the state’s second-largest home insurer in the Texas homeowner’s insurance market.
The deal is worth $100 million for homeowners in restitution, refunds and rate reductions, according to the Texas Department of Insurance.
It also ends a lawsuit and administrative enforcement actions against Farmers, which threatened to stop renewing policies after the state accused it of unfair pricing policies, state officials said.
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