Texas Insurance Commissioner: $352.5 million in refunds to State Farm policyholders

Texas Department of Insurance Commissioner David Mattax has announced the resolution of a more than decade long dispute with the state's largest homeowners insurer, State Farm Lloyds.

Commissioner Mattax said the agreement refunds premium overcharges made by State Farm Lloyds to certain homeowners insurance customers. "I am pleased to finally resolve this matter and begin returning money owed to State Farm Lloyds policyholders who were charged too much for their homeowners insurance between September 2003 and July 2008."

The agreement with State Farm Lloyds will refund approximately $352.5 million to policyholders who were overcharged during this period. Mattax noted that the resolution of the dispute began long before his term with initial filings made under Commissioner Jose Montemayor, an order issued by Commissioner Mike Geeslin, and negotiations coordinated by Commissioner Julia Rathgeber.

You can get more information about the State Farm Lloyds agreement here (pdf).