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 insurer claims it has already provided the necessary data to justify its recent rate increase.
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.
Abe Scarr, program director for energy and utilities at the Illinois Public Interest Research Group (PIRG), notes that the Illinois Department of Insurance lacks enforcement power compared to other states' regulators.
The lawsuit was filed on October 10, following repeated requests for the information.
Author's summary: State Farm blocks regulators' probe.