The Oklahoma Insurance Department Announces a State Farm Settlement of More Than 45 Million Dollars: at Least 35 Million Dollars in Consumer Restitution, With Eligible Roof Wind and Hail Claims to Be Reviewed and Reopened by an Independent Third Party Administrator
The Oklahoma Insurance Department announced on November 13 a settlement of more than 45 million dollars with State Farm, following a market conduct examination of the company handling of roof wind and hail claims.
The department said the examination found that State Farm had improperly denied or underpaid some roof wind and hail claims. Under the settlement, at least 35 million dollars will go to consumer restitution.
The settlement also includes 10 million dollars for the Strengthen Oklahoma Homes grant program and 2.86 million dollars in fines and examination costs. The grant program helps residents fortify their roofs, and the department said households with fortified roofs save an average of about 700 dollars a year on premiums.
Under the settlement terms, eligible claims with loss dates between January 1, 2021, and December 31, 2025, that were closed without payment will be reviewed and reopened by an independent third party administrator, and affected policyholders will be included in the review without having to apply on their own.
The Oklahoma Insurance Department is the state government insurance regulator, responsible for market conduct examinations of insurers and for consumer complaint handling. It will oversee implementation of the settlement.
Source: Oklahoma Insurance Department
Published by GSM · USA (original Chinese edition)
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