[sunrico90]

State Farm, Florida's largest private home insurer, agreed with state negotiators to cut rates by an average of 9 percent and cooperate with investigators looking into allegations of insurance industry collusion.

The settlement announced Tuesday also requires the company to refund more than $23 million to policyholders for overcharging customers.

The agreement also deals with how to reimburse customers for an assessment they paid that was too large. State Farm and other insurance companies were required to tack on surcharges to customers' property insurance bills to make up for a shortfall at state-created Citizens Property Insurance. State Farm paid Citizens its part of the bailout, but then overcharged customers to make up that money. As part of the agreement, it will return that money - about $23 million - plus interest to customers.

[LM1]

A. Alfred Taubman spent time in Federal prison for conspiring to fix the commissions of something as relatively insignificant as art/antique auctions. I seriously hope that if this is found to be true, whomever is responsible for it goes to prison.