insurance industry

State Farm Mutual Automobile Insurance Co. is facing a lawsuit that claims the company misled customers and unfairly profited by selling insurance products from PHL Variable Insurance Co.—a firm regulators say is grappling with a staggering $2.2 billion capital deficit. The alleged shortfall reportedly resulted in policyholders receiving payouts far below what they were originally promised, raising serious questions about transparency, accountability, and who ultimately pays the price.