Commissioner took motion following ‘blatant violation’ of state’s regulation
Farmers Insurance coverage has been pressured to rescind tens of 1000’s of nonrenewal notices to Georgia prospects that had been scheduled to take impact in August, in line with the state’s insurance coverage and security hearth commissioner.
Commissioner John F. King mentioned that Farmers Insurance coverage had alerted their prospects that they might be non-renewing home-owner insurance policies on houses with roofs over 15 years previous, forcing his workplace to behave on a “blatant violation of Georgia regulation.”
“My workplace instantly took motion, ordering Farmers to reverse course and rescind these scheduled non-renewals,” King mentioned in assertion on the workplace of commissioner of insurance coverage and security hearth’s web site. “I’m extraordinarily dissatisfied with the actions of Farmers and am considering additional disciplinary actions at the moment.”
Underneath Georgia regulation, insurers are solely allowed to vary their underwriting pointers for brand spanking new enterprise and can’t non-renew current prospects underneath new pointers, the assertion continued.
Violations of Georgia insurance coverage regulation are topic to financial fines, amongst different penalties.
The transfer comes amid current exits from main carriers in states similar to Florida and California.
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