Eugene

The Oregon Division of Financial Regulation has issued a $200,000 fine against State Farm after the company failed to send notices over the past six years informing its insureds of their ability to request an annual credit check, which could affect their premiums

Published

1 year ago

April 5, 2024

Eugene, OR – According to the state officials, half of the total fine will be suspended and waived after three years if State Farm complies with all terms of the final order.

This case serves as an important reminder that Oregon law allows consumers to request an annual rerate from their insurer, which could lead to lower premiums, but will not increase them.

State Farm self-reported the violations to DFR in July 2023, informing the division that notices were not sent out due to a system error.

Because of that error, the notification required by ORS 746.650(5) and OAR 836-080-0438 were not sent to customers purchasing new automobile insurance policies between Dec. 5, 2017, and Feb. 23, 2023.

Specifically, State Farm did not notify the affected consumers at the inception of their coverage that they may have received a lower rate if their credit history or the credit factors used in their credit-based insurance score were more favorable, and that they had the right to request a rerate of the policy no more than once annually.

State Farm notified the division that the issue was corrected on Feb. 23, 2023, for any customers purchasing new policies after that date.

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Eugene Daily Post

The Oregon Division of Financial Regulation has issued a $200,000 fine against State Farm after the company failed to send notices over the past six years informing its insureds of their ability to request an annual credit check, which could affect their premiums

Eugene

The Oregon Division of Financial Regulation has issued a $200,000 fine against State Farm after the company failed to send notices over the past six years informing its insureds of their ability to request an annual credit check, which could affect their premiums

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