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Saturday, March 6, 2021

Farmers Insurance Group to pay $84M settlement over coverage

AUSTIN, Texas (AP) — Farmers Insurance Group will pay $84.4 million to settle a 2002 lawsuit that said Texas policyholders unknowingly paid higher premiums for less coverage.

The settlement announced Monday involves state claims of violations of the Texas Deceptive Practices Act and the Texas Insurance Code.

Attorney General Ken Paxton says he’s pleased that Texas consumers will finally have closure. The Texas Department of Insurance was also part of the lawsuit alleging Farmers Insurance Group engaged in discriminatory practices.

A settlement administrator has been assigned to handle restitution. Notices will be mailed within 60 days to people who may be eligible for a refund.

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