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.
The regulator claims it lacks the necessary data to justify State Farm's recent rate increase, despite the insurer's assertion that it has already provided the required information.
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,
according to Abe Scarr, program director for energy and utilities at the Illinois Public Interest Research Group (PIRG).
The Illinois Department of Insurance's lack of institutional authority has hindered its ability to compel State Farm to provide the necessary data, prompting the lawsuit.
Author's summary: Illinois sues State Farm over insurance data.
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