Insurance Law
Fla. Can Bar Allstate From New Biz Unless it Reveals Rate Info, Court Says
Posted Apr 4, 2008, 04:34 pm CDT
By Molly McDonough
A Florida appeals court ruled today that state insurance regulators have the authority to suspend Allstate from writing new policies because the insurance giant has failed to comply with subpoenas about their rates.
The state's Office of Insurance Regulation is seeking pricing information from the Illinois-based Allstate Corp. Florida wants to know why the company's property rates haven't dropped even after a state law was enacted that was designed to reduce premiums, the Associated Press reports.
Allstate had been able to continue writing new business during the appeals process, but the First District Court of Appeal in Tallahassee ruled Friday (PDF) that the company will have to immediately comply or produce the requested documents.
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