Allstate is currently the 2nd largest writer of Auto Insurance in the State of Florida. However, in the last 4 years, Allstate has dropped about 400,000 Homeowner's Insurance Policies and raised rates for the remainder. The State of Florida served subpoenas 60 days ago for a 2-day Hearing scheduled to start on January 15, 2008. Florida wants to know what the effects of reinsurance are on Allstate's Homeowner's Insurance performance. Florida and many other States also want to know much more about an unauthorized CatClaims Computer Model used by Allstate and other Homeowner's Insurance Companies to justify their past rate increases and other industry conduct concerning Homeowner's Insurance, such as policy cancellations and nonrenewals.
On January 15, 2008, rather than provide the documents, Allstate withdrew its pending request for a future rate increase and filed 51 pages of objections to the Florida subpoena.
On January 16, 2008, the Florida Office of Insurance Regulation suspended Allstate's certificate of authority to write new Auto Insurance business and therefore prevented Allstate from collecting any new Auto Insurance Policy Premiums in Florida. It is reported that the suspension will not affect Policyholders under previously issued Allstate Auto Insurance policies in Florida. See Anika Myers Palm, "Florida Cracks Down on Allstate/State Regulators Won't Let the Insurer Write New Auto Policies", p. A1, col. 5 (Orlando Sentinel, Thurs., Jan. 17, 2008).
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January 17, 2008
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