It was business as usual just a year after Katrina on the Farm in Indiana. Make no mistake, the insurance regulators in Indiana, like most in this country are captured. Unlike our own captured insurance commish the bunch in Indiana actually broke out the wet noodle though. The larger question is does any of this sound familar to those of us here on the Mississippi Gulf Coast? Claims Magazine has the May 2009 story:
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. Continue reading “Meantime on the Farm up in Indiana”