INDIANAPOLIS -- State Farm Insurance has paid out more than $265 million to Hoosiers whose property sustained damage in the 2006 hailstorm, but a class-action lawsuit may still be brought against the company.

A investigation by state insurance regulators is still ongoing regarding State Farm's handling of claims after the April 14, 2006 storm and a federal class-action lawsuit remained a possibility, Call 6's Rafael Sanchez reported.

State Farm spokeswoman Angie Rinock said Wednesday more than 99 percent of the 49,200 claims the company received following the storm had been closed.

"We are in the business to pay claims. It is always our desire to pay what we owe," Rinock said in a statement.

Since February of 2007, more than 1,300 people had requested non-binding arbitration, Rinock said. Of those individuals, 427 required no additional payment and 278, who were previously denied payment, received a full roof replacement.

The company -- which released this statement -- expected to payout $272 million when all of the claims were closed, Rinock said.