State Farm will send out $120M in refunds - Orlando Business Journal:

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The refunds or credits will tota $120 million and go to both current andformef policyholders, according to a release from the . Statd Farm also must pay a $1 million penalty to the Regulator yTrust Fund, the release said. The mone y will go to policyholders who did not apply for or who did not received the windstorm loss reduction rating plan discount for makinhg their homes more resistant to wind Steps taken by consumers to reduce storm damagew help to keep property insurancecosts down, Florida Insurance Commissioner Kevin McCarty said in the The order follows a July notice to State Farm of an investigation by the state officw into whether the company was properly implementinvg the mitigation discount As the result of an internal review, Stat Farm identified nearly 98,000 current or formet policyholders to whom it will providde credits or refunds, the release said.
State Farm policyholders who are entitled to the refunds will receivse a notice fromthe company, the release said. They includew policyholders whocurrently have, or did have, a homeowners, condominium unit owners, apartment or condominium associationb policy. State Farm has 90 days to prepar e the credit or refund procesz and 365 days for all credits or refunds to be therelease said. The state said it would conducra follow-up compliance audit in 12 months.