Statement of Gov. Rick Perry on Settlement with Farmers Insurance
AUSTIN - Gov. Rick Perry today issued the following statement about the settlement that the Texas Department of Insurance reached with Farmers Insurance.
"The settlement is a good first step to get $100 million immediately into the hands of Texas policyholders. It will also prevent a protracted legal fight that could have dragged on for years at the expense of policyholders whose refund is already more than one year overdue. We must now focus on the next steps the legislature should take to protect consumers from exorbitant rates. Those steps include restructuring the way companies like Farmers charge management fees to their policyholders, and I am asking the legislature to address this issue."