OIR Subpoenas The Allstate Companies

The following information was just released by the Florida Office of Insurance Regulation (“OIR”):

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-NEWS FROM THE FLORIDA OFFICE OF INSURANCE REGULATION-

For Immediate Release:  

        
Contact:     Ed Domansky or Tom Zutell
                  850/ 413-2515

                          
FLORIDA OFFICE OF INSURANCE REGULATION SUBPOENAS ALLSTATE FOR PUBIC HEARING ON POLICIES AND RATES

TALLAHASSEE, Fla. (10/16/2007) – The Florida Office of Insurance Regulation (Office) today announced that it has issued subpoenas to the following Allstate companies doing business in Florida: Allstate Floridian Indemnity Company, Allstate Floridian Insurance Company, Allstate Fire and Casualty Insurance Company, Allstate Indemnity Company, Allstate Insurance Company, Allstate Property & Casualty Insurance Company, Encompass Floridian Indemnity Company, Encompass Floridian Insurance Company, Encompass Indemnity Company and Encompass Insurance Company of America.

The subpoenas direct the Allstate companies to appear in a public hearing in Tallahassee to testify before the Office about: the companies’ reinsurance program, their relationships to risk modeling companies, insurance rating organizations or companies and insurance trade associations. All appropriate company documents related to the above topics also are to be provided.

“The legislation enacted in January was very specific about its requirement that insurers reduce the rates they are charging for homeowners insurance,” said Insurance Commissioner Kevin McCarty. “We are continuing to investigate those companies that appear to be ignoring the intent of the legislature in its efforts to reduce premiums to consumers, and we want to hear the reasons behind those companies’ actions.”

Allstate Floridian Indemnity and Allstate Florida Insurance Company are requesting rate increases of 28.3 percent and 41.9 percent respectively. Encompass Floridian Indemnity is requesting a 38.4 percent increase, and  Encompass Floridian Insurance Company is requesting a 39.7 percent increase.

 

A copy of the subpoena is available to review.

 
The public hearing is scheduled to be held in Tallahassee Jan. 15 and 16, 2008 at 9:30 a.m. at the Senate Office Building Room 401.

The hearing is open to the public and will be taped by the Florida Channel. Video will be available online at www.floir.com shortly after the hearing.

Pursuant to the provisions of the Americans with Disabilities Act, any person requiring special accommodations to participate in this hearing should contact Sam Coskey at (850) 413-2616 or sam.coskey@fldfs.com at least 48 hours prior to the hearing.

 

About the Florida Office of Insurance Regulation
The Florida Office of Insurance Regulation (Office) has primary responsibility for regulation, compliance and enforcement of statutes related to the business of insurance and the monitoring of industry markets. Business units within the Office are organized based on regulatory expertise and include the areas of life and health, property and casualty, specialty lines and other regulated insurance entities. It is within the Office that the mission of public protection is implemented through regulatory oversight of insurance company solvency, policy forms and rates, market conduct performance and new company entrants to the Florida market.

For more information about the Office, please visit www.floir.com. If you would like to review and compare homeowners insurance rates in Florida, go to www.shopandcomparerates.com.

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Should you have any questions or comments regarding this information, please feel free to contact this office.