Illinois PIRG: State Farm's Influence Blocks Regulators' Probe
The Illinois Department of Insurance has filed a lawsuit against State Farm to compel the insurer to provide property insurance market data.
The lawsuit, filed on October 10, comes after the state's insurance regulator made repeated requests for the information, which State Farm claims it has already provided 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,
said 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, according to Scarr.
Author's summary: State Farm's influence hampers regulator's probe.
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