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Judge Rules In Favor Of Allstate

January 18th, 2008 by flanews

As of 2:30 Friday afternoon, Allstate was able to start writing insurance policies again in Florida. An appeals court overturned regulators who suspended the insurance giant’s certificate after the company failed to hand over subpoenaed documents. As Chris Casquejo tells us, the fight over what the company calls trade secrets is not over. 

Hear it here: Judge Rules In Favor Of Allstate

The battle between state regulators and Allstate is hinging on a consultant’s report.  Allstate refused to turn over the documents at a hearing earlier this week, defying a subpoena.

“What have you got to hide?” asked Insurance Commissioner Kevin McCarty.

State regulators want to find out if Allstate is hiking profits by paying less on customers’ claims, information contained in the so-called McKinsey report.

“They go to the heart of certain potential claims practices by Allstate.  And at this point, we just want to see what is in those documents,” said Ed Domansky of the state Office of Insurance Regulation.

The court decision allowing Allstate to resume sales doesn’t change the state’s interest in seeing the documents.  

This ruling means the good hands people can now get their hands on new Florida customers once again.  State regulators now have 10 days to appeal the judge’s ruling.

For now, Allstate is back in the business of selling new policies.  The state says it will respond to the courts order sooner rather than later. 

Allstate says it will continue working with state regulators to produce the documents in question.  Allstate is one of five companies that the state Senate is asking to testify under oath early next month. 

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