Insurance Commissioner issues statement on State Farm Insurance ruling

SAN DIEGO - California Insurance Commissioner Dave Jones today issued a statement on a recent ruling by a San Diego Superior Court judge requiring State Farm to reduce homeowner and renter rates.

The insurance company had filed an emergency request to Judge Katherine Bacal to reverse an order by Jones in November that required State Farm to reduce rates by $84 million or seven percent over the next year.

The decision, partially denying the request for a stay, means State Farm must decrease its rates, pursuant to Commissioner Jones' order.

``I am very pleased that the court denied State Farm's...