That storm was 10 years ago! There should be a statute of limitations that bars litigation at this late date. Just more cost to be passed along to the policyholders with the lawyers getting rich.
I hope the state wins billions of dollars. What the insurance industry has been allowed to get away with out here is criminal and should be stopped. The entire industry needs to be rethought.
Just when State Farm thought Katrina was behind them, here comes another suit. By the way, the big wigs in Illinois did not think to purchase re-insurance on their book in Louisiana and Mississippi so they ate it all. The Good Neighbors weren’t so good neighborly as it turned out.
IIRC, State Farm cannot purchase cat covers due to their concentration. State Farm, in most areas, controls roughly 20% of the direct market, making cat covers extremely expensive to purchase.
Note that I’m not defending State Farm, in fact, back in the day, State Farm rolled all their Texas, Louisiana and Mississippi business into their Texas domiciled State Farm Lloyds so that they could just give it back to the insurance department if the losses got too large to handle.
For reference, this was just after the whole fiasco of withdrawing from the Florida market, so it was a few years ago.
You would look at this very differently if it was YOU that State Farm screwed. What they did was criminal and I don’t care if it was 50 years ago, they cheated their insureds and they cheated the state. They deserve to be held accountable, unless you really believe that they should be able to keep their ill gotten gains, simply because their crimes were 10 years ago and it took this long to bring them to justice.
“We are aggressively investigating other insurance companies that may have unjustly enriched themselves at the expense of the HAP program,” Jan Schaefer, spokeswoman for the attorney general’s office, wrote in an email in response to questions from the Sun Herald. “We haven’t ruled out future lawsuits against those other insurers.
I understand the timing of the suit completely. 2/25/15 JACKSON MS– Jim Hood filed papers Friday to run for a fourth term as Mississippi attorney general.
Another way to keep his name in front of the voters by this blowhard.
Are you suggesting the AG is to cease performing his duties subsequent to filing for re-election? It’s his job to represent the laws of the state, before and after elections.
Should we all be so naive to think that the timing of the lawsuit and re-election have no connection? Time it so that the lawsuit is filed before the election and is a good talking point but not too soon that there is any chance that any of the “evidence” will be available to the public. Regardless of party affliation, this is a politician’s normal stunt.
That storm was 10 years ago! There should be a statute of limitations that bars litigation at this late date. Just more cost to be passed along to the policyholders with the lawyers getting rich.
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Just when State Farm thought Katrina was behind them, here comes another suit. By the way, the big wigs in Illinois did not think to purchase re-insurance on their book in Louisiana and Mississippi so they ate it all. The Good Neighbors weren’t so good neighborly as it turned out.
IIRC, State Farm cannot purchase cat covers due to their concentration. State Farm, in most areas, controls roughly 20% of the direct market, making cat covers extremely expensive to purchase.
Note that I’m not defending State Farm, in fact, back in the day, State Farm rolled all their Texas, Louisiana and Mississippi business into their Texas domiciled State Farm Lloyds so that they could just give it back to the insurance department if the losses got too large to handle.
For reference, this was just after the whole fiasco of withdrawing from the Florida market, so it was a few years ago.
You would look at this very differently if it was YOU that State Farm screwed. What they did was criminal and I don’t care if it was 50 years ago, they cheated their insureds and they cheated the state. They deserve to be held accountable, unless you really believe that they should be able to keep their ill gotten gains, simply because their crimes were 10 years ago and it took this long to bring them to justice.
“Though Katrina struck in 2005, Mississippi’s constitution says that state government faces no statute of limitations in civil cases – that time never runs out for the state to sue. Schaefer said the state is considering lawsuits against other insurers.”
http://wkbn.com/2015/04/21/lawsuit-aid-program-paid-claims-state-farm-wrongly-rejected/
“We are aggressively investigating other insurance companies that may have unjustly enriched themselves at the expense of the HAP program,” Jan Schaefer, spokeswoman for the attorney general’s office, wrote in an email in response to questions from the Sun Herald. “We haven’t ruled out future lawsuits against those other insurers.
“We are filing this suit against State Farm because we now have proven evidence of its fraud and because, as the nation’s largest property insurance company, its activities harmed Mississippi more than any other insurer.”
http://www.fresnobee.com/2015/04/21/4488578/state-farm-enriched-itself-through.html#storylink=cpy
I understand the timing of the suit completely. 2/25/15 JACKSON MS– Jim Hood filed papers Friday to run for a fourth term as Mississippi attorney general.
Another way to keep his name in front of the voters by this blowhard.
Are you suggesting the AG is to cease performing his duties subsequent to filing for re-election? It’s his job to represent the laws of the state, before and after elections.
Should we all be so naive to think that the timing of the lawsuit and re-election have no connection? Time it so that the lawsuit is filed before the election and is a good talking point but not too soon that there is any chance that any of the “evidence” will be available to the public. Regardless of party affliation, this is a politician’s normal stunt.
Google pictures of the damage from that storm. It’s very easy to see what was wind and what was flood. He’s a democrat.
State Farm is sad and filled with woe
Edward Rust is no longer CEO
He had knowledge, but wasn’t in the know
The Board said it was time for him to go
All American Girl starred Margaret Cho
The Miami Heat coach is nicknamed Spo
I hate to paddle & don’t like to row
Edward Rust is no longer CEO
The Board said it was time for him to go
The word souffler is French for blow
I love the rain but dislike the snow
Ten tosses for a nickel or a penny a throw
State Farm is sad and filled with woe
Edward Rust is no longer CEO
Bambi’s mom was a fawn who became a doe
You can’t line up if you don’t get in a row
My car isn’t running, “Give me a tow”
He had knowledge but wasn’t in the know
The Board said it was time for him to go
Plant a seed and water it to make it grow
Phases of the tide are ebb and flow
If you head isn’t hairy you don’t have a fro
You can buff your bald head to make it glow
State Farm is sad and filled with woe
Edward Rust is no longer CEO
I like Mike Tyson more than Riddick Bowe
A mug of coffee is a cup of joe
You can call me brother, but don’t call me bro
When I sing scat I sound like Al Jarreau
State Farm is sad and filled with woe
The Board said it was time for him to go
A former Tigers pitcher was Lerrin LaGrow
Ursula Andress was a Bond girl in Dr. No
Brian Benben is married to Madeline Stowe
Betsy Ross couldn’t knit but she sure could sew
He had knowledge but wasn’t in the know
Edward Rust is no longer CEO
Grand Funk toured with David Allan Coe
I said to Shoeless Joe, “Say it ain’t so”
Brandon Lee died during the filming of The Crow
In 1992 I didn’t vote for Ross Perot
State Farm is sad and filled with woe
The Board said it was time for him to go
A hare is fast and a tortoise is slow
The overhead compartment is for luggage to stow
Beware from above but look out below
I’m gaining momentum, I’ve got big mo
He had knowledge but wasn’t in the know
Edward Rust is no longer CEO
I’ve travelled far but have miles to go
My insurance company thinks I’m their ho
I’m not their friend but I am their foe
Robin Hood had arrows, a quiver and a bow
State Farm has a lame duck CEO
He had knowledge, but wasn’t in the know
The Board said it was time for him to go
State Farm is sad and filled with woe