Allstate Corp. will not be allowed to sell new auto insurance in Florida until it complies fully with subpoenas from the state seeking information about how it sets rates, Florida Insurance Commissioner Kevin McCarty announced Wednesday.
The situation, which follows one in Missouri in which the insurer was willing to accept fines rather than submit similar documents to a court, is not expected to have a significant effect on Allstate's business, at least two analysts said, but one said the long-term repercussions of wrangling with regulators and courts could be more serious.
McCarty's decision came a day after he halted, after two hours, a scheduled two-day hearing into Allstate's reinsurance program and its relationships with trade groups and risk-modeling and insurance-rating firms.
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