As part of an agreement with the Indiana Department of Insurance (IDOI), State Farm will reevaluate close to 35,000 policyholder claim files and pay $275,000, which will be deposited into the State of Indiana's General Fund.
Adopted by IDOI Commissioner Jim Atterholt, the agreement will mark the conclusion of the market conduct examination that began in March, 2007 after 200 State Farm policyholders lodged complaints. The examination, which focused on State Farm's response to claims resulting from an April, 2006 hailstorm in Indianapolis, found no violations of state law. During the course of IDOI's examination process, State Farm has already revisited and paid policyholders an additional $1,799,544.
"It is always our goal to pay what we owe," said Dick Luedke, a spokesperson for State Farm. "Of the nearly 50,000 claims we received from this storm, less than 1 percent resulted in a complaint filed with the Indiana Department of Insurance. State Farm has paid $273 million to policyholders whose property was damaged by this storm.
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