October 17, 2024
Helena, Mont.—Troy Downing, the Montana Commissioner of Securities and Insurance (CSI), is pleased to report that State Farm Mutual Automobile Insurance Co. (State Farm) has reviewed an additional 18,000 claims after being fined $4 million in a CSI administrative action for unfair claims settlement practices. These reviews resulted in an additional $5.2 million paid to Montanans impacted by State Farm’s improper settling of comparative negligence and loss of use claims.
“We applaud State Farm for diligently reviewing the claims and working with our agency to make good on the February 2024 consent agreement,” said Commissioner Downing. “We will continue to work together to ensure the money is rightfully being returned to Montana consumers.”
In February 2024, the CSI announced the settlement, in which State Farm agreed to pay a $2 million fine and to be subject to an additional suspended fine of $2 million, which will be discharged upon State Farm satisfactorily implementing corrective actions. (Click HERE to view the initial press release.)
“I am proud of the work of our agency, which continues to hold companies accountable on behalf of Montana consumers,” said Commissioner Downing.
Source: CSI
