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July 05, 2015 2:04 PM ET

Insurance

Company Overview of State Farm Mutual Automobile Insurance Company

Company Overview

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

United States

Founded in 1922

Phone:

309-766-2311

Fax:

309-766-3621

Key Executives for State Farm Mutual Automobile Insurance Company

Chairman and Chief Executive Officer
Age: 65
Vice Chairman, President and Chief Operating Officer
Age: 55
Vice Chairman and Chief Agency & Marketing Officer
Chief Legal Officer, Executive Vice President and Secretary
Executive Vice President
Compensation as of Fiscal Year 2015.

State Farm Mutual Automobile Insurance Company Key Developments

State Farm Announces Executive Changes

State Farm Chairman and CEO Edward B. Rust Jr. announced that Michael Tipsord, State Farm president and chief operating officer, will succeed him in September as chief executive officer. Rust, who has served as CEO the past 30 years, will continue as chairman of the board. Tipsord was named chief financial officer in 2004, chief operating officer in 2011 and was elected to the office of president in 2015. Tipsord is a member of the board of directors of State Farm Mutual Automobile Insurance Company and its principal affiliates.

Wage Case for State Farm Mutual Automobile Insurance Co's Employees Settles

A federal judge in Missouri approved an $877,621 settlement for wage and hour claims made by an insurance company's employees in Minnesota and Arizona. In a class action lawsuit, attorneys from Stueve Siegel Hanson and Lear Werts alleged that State Farm Mutual Automobile Insurance Co.’s timekeeping policy caused employees to perform unpaid work. The suit claimed the insurer required employees at its operations centers to engage in duties before and after shifts and during breaks. The suit alleged that employees were paid under an exception hourly system. Though classified as non-exempt, the workers did not clock in or out but were paid for a standard amount of hours per week unless the employee entered exceptions, such as for sick time or vacation. The initial suit was aimed at State Farm’s operation in Columbia, Missouri, and later amended to include Minnesota, Arizona and Oklahoma. The classes in Oklahoma and Missouri, however, were decertified in 2013 after Judge Nanette K. Laughrey ruled that the workers in those states didn’t meet the requirements of the class. Among other things, the judge found evidence that the employees had been able to use 'flextime' to make up for extra hours worked. Laughrey approved the final agreement in March. The settlement amount included $289,615 in attorney fees, constituting a third of the settlement amount.

Dameron Hospital Association Sues State Farm Mutual Automobile Insurance Co. for Alleged Failure to Pay Hospital Liens

State Farm Mutual Automobile Insurance Co. is the defendant in a lawsuit that claims it has not honored hospital liens for patients treated after motor vehicle accidents. According to the lawsuit, Dameron Hospital Association routinely treats patients who have been injured by third parties. Dameron files a lien in order to recover patient fees from the third party or his insurance carrier. The lawsuit alleges that State Farm failed to pay those liens and now is indebted to Dameron in an amount not less than $9,264. State Farm filed a notice to remove the case to the U.S. District Court for the Eastern District of California.

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