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GEICO CORPORATION ANNOUNCES CALIFORNIA PROPOSITION 103 SETTLEMENT

 WASHINGTON, May 24 /PRNewswire/ -- GEICO Corporation (NYSE: GEC) today announced that its property and casualty insurance companies have reached a settlement with the California Department of Insurance as to the entire policyholder premium refund and rate reduction obligations of the GEICO companies relating to Proposition 103. Refunds totaling $21 million will be made within 120 days of the date when the settlement is no longer subject to any further administrative or judicial proceedings on certain policies issued or renewed between Nov. 8, 1988, and Nov. 7, 1989. Under the terms of the settlement all rate roll back and refund obligations of the GEICO companies will be discharged, and their rates and rate levels used since Nov. 8, 1988, will be deemed approved. The companies' subsidiaries affected by this agreement are GEICO Indemnity Company, Government Employees Insurance Company, GEICO General Insurance Company and Criterion Casualty Company.
 GEICO Corporation is the parent company of Government Employees Insurance Company, which is referred to as GEICO. GEICO insures private passenger automobiles of preferred risk individuals employed by the federal government or the military. It also provides homeowner coverage and other types of insurance for qualified applicants. GEICO General Insurance Company, a subsidiary of GEICO, insures private passenger automobiles for preferred risks other than federal or military employees. GEICO Indemnity Company, also a subsidiary of GEICO, insures standard risk individuals.
 -0- 5/24/93
 /CONTACT: Carroll R. Franklin, director, investor relations, GEICO Corporation, 301-986-2055/
 (GEC)


CO: GEICO Corporation ST: District of Columbia IN: INS SU:

TW-DC -- DC032 -- 3448 05/24/93 17:14 EDT
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Publication:PR Newswire
Date:May 24, 1993
Words:259
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