State suspends Allstate's license
Florida's Insurance Commissioner suspended Allstate's license in the state, prohibiting it from writing new auto insurance policies. Commissioner Kevin McCarty's action came a day after he abruptly halted a scheduled two-day hearing, saying Allstate had failed to provide all the documents state regulators subpoenaed.
The Illinois-based insurer is currently the second-largest auto insurer in Florida. The suspension applies to Allstate Insurance Co., Allstate Indemnity Co., and Allstate Property and Casualty Co. Existing policyholders will not be affected. Allstate must continue to service them and the companies will have to continue to make statutory filings.
Allstate can continue to write homeowners business but it hasn't done so for years.
McCarty said the suspension will last until Allstate complies with the state's subpoena. "It will be lifted when I am satisfied that we have received each and every document we need to properly investigate the important issues before us," he said.
-- Kris Hundley, Times staff writer
link to the press release from mccarty's office:
http://www.floir.com/pressreleases/viewmediarelease.aspx?id=2858
