Breaking: Allstate Loses Appeal, Florida Suspension is On

Thanks to Mr CLS for the heads up.  From Commissioner McCarty’s office in Tallahassee.

I’m pleased to report that the First District Court today has again affirmed the appropriateness of the Office’s action in issuing the January Immediate Final Order suspending Allstate’s licenses to sell new business in Florida; it has denied Allstate’s request for a rehearing and has lifted the stay of the suspension. As a result, the suspension now is back in effect.

We are currently reviewing the Court’s opinion and the status of Allstate’s compliance with the law, Section 624.318(2), Florida Statutes, which requires them to freely produce documents requested by this Office. We will be issuing a more detailed statement later today.

The suspension applies to Allstate Floridian Insurance Co., Allstate Indemnity Co., Allstate Property & Casualty Insurance Co., Allstate Insurance Co., Allstate Floridian Indemnity Co., Allstate Fire and Casualty Insurance Co., Encompass Insurance Co. of America, Encompass Indemnity Co., Encompass Floridian Insurance Co. and Encompass Floridian Indemnity Co., and it only suspends the companies from writing new business in Florida.

One thought on “Breaking: Allstate Loses Appeal, Florida Suspension is On”

  1. They have now been reinstated and it is a “yawn” on Wall Street. I would suspect that Mr. McCarty and Gov. Crist are glad to get this behind them. The last thing they needed was for ALL to make a business decision to say “adios” to FL. ALL is not beyond that move historically (ie; Massachusetts and New Jersey) and it would weaken their house of cards even further.

Comments are closed.