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Wednesday, March 8, 2000
Firm to issue $11 million policy refunds
Mid-Century Insurance to make up for costly rates
Associated Press
AUSTIN - Mid-Century Insurance, a division of Farmer's Insurance Group, agreed Tuesday to refund about $11 million to 800,000 of its auto insurance customers.
Under an agreement between the company and the Texas Department of Insurance, Mid-Century must pay the refund within 120 days.
The insurance department announced in a news release that policy holders entitled to the refund will either receive credits on their policies, or be issued checks that will be mailed to them by Mid-Century.
A Mid-Century spokesman said the company will rebate 1.5 percent of the premiums that customers paid between April 15, 1998 and May 14, 1999.
The company also must reduce its rates by 3 percent before April 1. The reduction will save Mid-Century's policy holders about $8 million, according to insurance regulators.
Insurance Commissioner Jose Montemayor said he was happy the two sides reached an agreement after his actuaries challenged the company's rates as excessive last spring.
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