State Farm Lloyds will pay $352.5 million in policyholder refunds and interest to settle a legal dispute that his lingered for more than a decade. The settlement - between State Farm Lloyds, the Texas Department of Insurance and the Office of Public Insurance Counsel - is for homeowner, renter or condo owner insurance policies between September 2003 and July 2008. The legal dispute began in 2003 when then-insurance commissioner Jose Montemayor told 32 companies to reduce their rates because of new legislation, said Jerry Hagins, spokesman with the Texas Department of Insurance.

 

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