Company Overview of State Farm Mutual Automobile Insurance Company
State Farm Mutual Automobile Insurance Company provides various insurance and financial services in the United States and Canada. Its insurance products include general, auto, accident, homeowners, condo owners, renters, life and annuities, fire and casualty, health, disability, long term care, business, and boat insurance products. The company also offers farm and ranch, flood, motor cycle, personal articles, personal liability umbrella, community organizations, and volcano damage insurance products. It sells its insurance products through agents. In addition, the company provides various banking products comprising checking and interest checking accounts, money market accounts, certificate...
One State Farm Plaza
Bloomington, IL 61710-0001
Founded in 1922
Key Executives for State Farm Mutual Automobile Insurance Company
Vice Chairman and Chief Financial Officer
Vice Chairman and Chief Agency & Marketing Officer
Compensation as of Fiscal Year 2013.
State Farm Mutual Automobile Insurance Company Key Developments
The Eleventh U.S. Circuit Court of Appeals Affirms a District Court's Dismissal of a Putative Class Action Against State Farm Mutual Automobile Insurance Co
Nov 25 13
The Eleventh U.S. Circuit Court of Appeals affirmed a district court's dismissal of a putative class action brought by individuals who were involved in auto accidents with policyholders of State Farm Mutual Automobile Insurance Co., alleging a failure to provide proper compensation for the loss in value to their vehicles resulting from the accidents. Because the plaintiffs were not in privity of contract with the insurer and no exception to the rule applied, they lacked standing to bring their claims. Individuals who were involved in auto accidents with insureds of State Farm Mutual Automobile Insurance Co. brought a putative class action against State Farm, alleging State Farm did not properly compensate them for the loss in value their vehicles suffered as a result of those accidents. The complaint sought compensatory and punitive damages, as well as injunctive and declaratory relief. The district court granted State Farm's motion to dismiss, and the plaintiffs appealed. The Eleventh Circuit declined to address the substantive fairness of State Farm's formula for assessing diminished value damages because the Eleventh Circuit held that Georgia's third-party beneficiary doctrine precluded claims that were, in effect, claims for compensatory damages. In Georgia, the general rule was that a party not in privity of contract could not bring a direct action suit against the liability insurer of the party alleged to have caused damage absent an unsatisfied judgment against the insured, an applicable legislative mandate or as permitted under the policy. Here, it was undisputed the plaintiffs had not secured judgments against the State Farm policyholders who caused the accidents, and the policies did not authorize third parties to file direct actions against State Farm. The Eleventh Circuit rejected the plaintiffs' contention that they fit within the 'legislative mandate' exception to the rule, based on Georgia legislation requiring liability insurance for all drivers. The plaintiffs argued that legislation made innocent victims like them beneficiaries under liability policies, thereby conferring on them standing to sue. Under an applicable Georgia appellate court precedent interpreting that legislation, the plaintiffs were entitled only to bring a direct suit seeking declaratory relief or equitable reformation. Accordingly, and after finding no merit to the plaintiffs' remaining arguments, the Eleventh Circuit affirmed the district court's dismissal of the action.
State Farm Mutual Automobile Insurance Co. Closes Nine Field Offices in N.C
May 8 13
The N.C. Commerce Department announced that State Farm Mutual Automobile Insurance Co. has filed WARN Act notices that it had closed nine field offices in the state, including in Winston-Salem and Greensboro. The closings, effective April 30, involved 17 employees overall and two each in the Triad offices. The offices are at 3330 Healy Drive, Suite 206, in Winston-Salem, and at 1501 Highwoods Blvd., Suite 302, in Greensboro. The company also closed offices in Asheville, Chapel Hill, Charlotte, Greenville, Hickory, Raleigh and Wilmington.
State Farm Insurance Signs Onto KDC's $1.5 Billion Richardson Project
Dec 11 12
State Farm Insurance signed onto KDC's recently announced $1.5 billion mixed-use development near North Central Expressway and President George Bush Turnpike in Richardson. The new Richardson operations would be staffed with existing and new employees.
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