Florida Insurance Commissioner Kevin McCarty has lifted the suspension of the Allstate Companies’ licenses to sell new business in the state.
McCarty said the decision came after Allstate submitted an affidavit certifying that it has complied with Florida law by freely providing all documents requested by the Office of Insurance Regulation as part of its investigation of Allstate’s business practices in Florida.
The commissioner’s announcement followed the May 15 First District Court of Appeal’s opinion denying Allstate’s motion for a rehearing and affirming the OIR’s action in issuing the January immediate final order.
Allstate produced hundreds of thousands of pages of documents that OIR staff members have been reviewing. Of the more than 825,000 pages mentioned in its affidavit, Allstate produced only 36,000 pages between the Oct. 16 issuance of the subpoenas and the Jan. 17 issuance of the IFO.
The suspension was initially put in place Jan. 17 after the McCarty abruptly halted a Jan. 15 hearing that had been convened to look into the Allstate Companies’ reinsurance program and their various relationships with risk modeling companies, insurance rating organizations and insurance trade associations.
Topics Florida
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