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State Farm Fined $200K for Credit Notice Fails

State Farm Fined $200K for Credit Notice Fails

State Farm has been fined $200,000 by the Oregon Division of Financial Regulation (DFR) due to its failure to inform customers of their right to request an annual credit rerate, which can potentially lower their car insurance premiums. This oversight, which the company attributed to a system error, persisted from December 2017 until February 2023. State Farm, which self-reported the error, will have half of the fine suspended if they comply with all terms of the final order over the next three years. The insurance giant has agreed to send out notifications to the 134,690 affected consumers who are still with the company, with all communications to be completed by June 30, 2024. This action highlights the importance of consumer rights in the insurance industry and the impact of credit on insurance costs.

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