AUSTIN, Texas, March 31 (UPI) -- State Farm has filed suit against insurance regulators in the state of Texas over disclosure of two rate hikes, court papers show.
State Farm Insurance spokesman Kevin Davis said information posted online by the Texas State Department of Insurance "contains information about reinsurance" that would benefit rival companies, The Dallas Morning Star reported Wednesday.
The two rate hikes, affecting 1.2 million customers, averaged 13 percent, the newspaper said.
Insurance Department spokesman Jerry Hagins said, "We're disappointed that we've encountered resistance from State Farm on this."
He said the regulator posted the information because the State Farm's two rate increases within eight months could cause "instability" in the market.
Hagins also said the agency considers documents related to rate filings public information.
"The insurance market works better when consumers have more information," he said.