Illinois PIRG: State Farm's Influence Blocks Regulators' Probe
The Illinois Department of Insurance has filed a lawsuit against State Farm to compel the insurer to provide property insurance market data.
The lawsuit, filed on October 10, comes after repeated requests for the information were made by the state's insurance regulator. According to Abe Scarr, program director for energy and utilities at the Illinois Public Interest Research Group (PIRG), the Illinois Department of Insurance lacks the enforcement power that other states' regulators have.
Part of regulators doing their job is not just to take the insurers word for it, but to have a better understanding of their business practices and their business practices related to how they're dealing with extreme weather.
Author's summary: State Farm's influence hampers regulators' probe.