NU Online News Service, May 15, 3:43 p.m. EDT
California Insurance Commissioner Steve Poizner said yesterday that he has approved a cut in State Farm auto insurance rates averaging 8 percent per policyholder.
Announcing the total $219 million rate reduction at a press conference with Mr. Poizner was Rand Harbert, State Farm California senior vice president. Mr. Harbert said the reduction was possible because of the improving long-term trends in claims submitted to the company by policyholders.
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