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State Subpoenas Allstate

October 16th, 2007 by flanews

Florida’s Insurance Commissioner and Governor Charlie Crist say the state is not in good hands with Allstate.  Regulators have issued subpoenas to Allstate and its sister companies.  They want to find out if Allstate is breaking Florida’s insurance reform laws through price-fixing and collusion.  Regulators want documents from Allstate regarding their recent rate filings.  They also want Allstate to give details on the company’s dealings with rating agencies, other companies that do storm modeling, and trade associations.
“There’s no question that these evaluations of what was going on with the trade associations, are going to be very telling,” said Kevin McCarty, the state Insurance Commissioner.  “We’re going to vet that very carefully to see what ties and what potential violations of law there are.  I’m not accusing anyone of doing anything, but we need to get to the bottom of this.  The trade associations are going to be the keystone to that investigation.”

“These companies have a responsibility, I understand, to their shareholders.” Gov. Crist said.  “But they also have responsibility to their customer.  They don’t have shareholders unless they have customers.  And they have lost sight of that.”

The hearings will take place January 15th and 16th at the state Capitol.

Posted in Charlie Crist, Insurance, Politics, State News | 1 Comment »

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