OR | The Oregon Division of Financial Regulation (DFR) has issued a $200,000 fine against State Farm after the company failed to send notices over the past six years informing its insureds of their ability to request an annual credit check, which could affect their premiums. Half of the total fine will be suspended and waived after three years if State Farm complies with all terms of the final order.
This case serves as an important reminder that Oregon law allows consumers to request an annual rerate from their insurer, which could lead to lower premiums, but will not increase them.