AUSTIN – An unprecedented move by the Texas Department of Insurance to publicize recent rate hikes by State Farm Insurance sparked a legal challenge from the company Tuesday over what it said was confidential information.
Texas’ largest insurer filed suit against the state agency seeking to protect from disclosure certain information that State Farm said could benefit its rivals in the insurance industry.
The legal action followed the Insurance Department’s decision to post on its Web site two State Farm rate proposals – filed over the last eight months – that increase homeowner premiums an average of 13 percent for the company’s 1.2 million Texas customers.
Some Dallas-area homeowners will be paying 19 percent more for coverage – the result of a recent pattern of damaging wind and hail storms.
Department spokesman Jerry Hagins said the Web site posting of the State Farm filings – totaling hundreds of pages – is a first for the agency.
Hagins said the decision to publicize State Farm’s rates is partly the result of the company filing increases so close together – a move that state regulators warned could cause “instability” in the home insurance market.
“We’re disappointed that we’ve encountered resistance from State Farm on this,” Hagins said.
Kevin Davis, a spokesman for State Farm, said the company is not opposed to publication of the rate filings, just some of the information that the agency wants to include in the posting.
“The documents in question contain information about reinsurance that would be valuable to our competitors,” Davis said.
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