By Stuart Biggs
Feb. 20 (Bloomberg) -- State Farm Life Insurance Co., the
largest U.S. auto insurer, alerted regulators in 2004 about a
trend of accidents involving Toyota Motor Corp.’s cars, three
years earlier than it initially said, Reuters reported, citing
the company.
The insurer said earlier this month it had contacted the
National Highway Traffic Safety Administration in late 2007,
Reuters said. After reviewing its records, the insurer found
that it contacted safety regulators for the first time in 2004,
according to the report, which cited an e-mail from State Farm
spokesman Phil Supple.
Toyota faces at least three hearings into its recall of
more than 8 million vehicles worldwide for defects including
unintended acceleration. The automaker has lost more than $31
billion in market value since announcing fixes for accelerator-
pedal defects on Jan. 21.
Mieko Iwasaki, a Tokyo-based spokesman for Toyota, declined
to comment on the report when contacted by Bloomberg. Jeff
McCollum, a State Farm spokesman in Bloomington, Illinois, had
no immediate comment when contacted outside business hours.
The report comes after Toyota President Akio Toyoda agreed
to testify at the Feb. 24 hearing of the House and Oversight
Reform Committee. Toyoda, the 53-year-old grandson of the
company’s founder, had said earlier that he didn’t plan to
appear at the hearings. He reversed the decision after an
invitation from oversight committee Chairman Edolphus Towns, a
New York Democrat.
Feb. 20 (Bloomberg) -- State Farm Life Insurance Co., the
largest U.S. auto insurer, alerted regulators in 2004 about a
trend of accidents involving Toyota Motor Corp.’s cars, three
years earlier than it initially said, Reuters reported, citing
the company.
The insurer said earlier this month it had contacted the
National Highway Traffic Safety Administration in late 2007,
Reuters said. After reviewing its records, the insurer found
that it contacted safety regulators for the first time in 2004,
according to the report, which cited an e-mail from State Farm
spokesman Phil Supple.
Toyota faces at least three hearings into its recall of
more than 8 million vehicles worldwide for defects including
unintended acceleration. The automaker has lost more than $31
billion in market value since announcing fixes for accelerator-
pedal defects on Jan. 21.
Mieko Iwasaki, a Tokyo-based spokesman for Toyota, declined
to comment on the report when contacted by Bloomberg. Jeff
McCollum, a State Farm spokesman in Bloomington, Illinois, had
no immediate comment when contacted outside business hours.
The report comes after Toyota President Akio Toyoda agreed
to testify at the Feb. 24 hearing of the House and Oversight
Reform Committee. Toyoda, the 53-year-old grandson of the
company’s founder, had said earlier that he didn’t plan to
appear at the hearings. He reversed the decision after an
invitation from oversight committee Chairman Edolphus Towns, a
New York Democrat.
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