Florida Bans Allstate From Writing New Insurance Policies

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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1000rrRider - 1/18/2008 1:25:21 PM

+2 Boost

Most insurance companies are total crooks.

Threepoint1415926 - 1/18/2008 3:00:02 PM

+6 Boost

I totally disagree!!!.... *ALL* insurance companies are total crooks.

toolatetorace - 1/21/2008 9:31:57 AM

+1 Boost

Insurance companies are like big check valves . Once the money is in the building , it can't get back out

EnnNorak - 1/24/2008 7:14:58 PM

+1 Boost

"Total Crooks" ! my sentiments also. I am particularly unhappy with Allstate as they once canceled my house insurance in Weschester County because I refused to board it up while it was in the process of being sold. The house was in a good middle-class neighborhood with a gun-wielding retired cop living next door. My view was that boarding up the house would simply invite crack dealers to set up shop there knowing that the owner was away. Can you imagine trying to sell your house while it is boarded up -- some insurance companies hire idiots.

w209w114 - 1/18/2008 3:39:24 PM

-1 Boost

This was over the news here last night. They failed to lower premiums on homes after all other companies did so per the State of Florida. Are we in good hands? I THINK NOT!!!!

djrickp - 1/19/2008 6:54:06 AM

+3 Boost

Just in. Allstate is now changing their name to Somestate.

TauronB2G - 1/19/2008 11:09:14 AM

+1 Boost

I am an insurance agent here in Chicago and I can say that most insurance companies are crooks. Especially when it comes to UL policies. But the public is gullible to this stuff. The only thing you need to know about insurance is keep it simple. Don't mix investments with insurance and you will be okay. Shop around. You never know what another company has and always check company ratings. Just because they are cheaper doesn't make it better.
T

lewishamiltonpimp - 1/20/2008 9:37:49 AM

-2 Boost

Yup. Whole life insurance is a rip. Get cheap term.

Invest the difference and you will be better off.

NashG - 3/17/2009 8:09:02 AM

+1 Boost

Thanks.
<a href=http://www.greatautoinsurance.com>Great Auto Insurance</a>

NashG - 3/17/2009 8:10:12 AM

+1 Boost

<a href="http://www.greatautoinsurance.com">Great Auto Insurance</a>