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State Farm Drops Request for South Carolina Auto Insurance Rate Increase.
Knight Ridder/Tribune Business News, April, 1998 by Davenport, Jim
Knight Ridder/Tribune Business News
Apr. 30--State Farm Mutual Automobile Insurance Co. is dropping its request for $17.2 million rate increase that would have affected a third of the state's policyholders.
The company withdrew the request when it became clear that regulators would not allow the state's largest property insurer to request another rate increase as the fundamental overhaul of the state's insurance system proceeds in March 1999.
The South Carolina Department of Insurance told the company that it would not be able to change rates for a year after its proposed increase took effect, Jim Thompson, the insurer's state claims manager, said.
State Farm spokesman Darrin Brown said that holding off on the increase would allow the company...
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