Allstate Insurance Agrees to 5 Million Dollar Fine

The Florida Office of Insurance Regulation has been battling Allstate Insurance Company for ten months to try to get the Company to comply with Florida consumer insurance laws. Allstate had tried to raise rates on homeowners policies by 42 percent.Allstate had also refused to turn over documents requested by the Florida Insurance Commissioner Kevin McCarty. The Commissioner had banned Allstate from selling policies in Florida for a day as punishment for the insurance company. The settlement agreement provides that Allstate shall pay $5,000,000 into the Florida Insurance Regulatory Trust Fund. The settlement agreement also requires that Allstate agree to write 100,000 new home and condominuim owners policies. Allstate is also licensed to sell auto liability insurance in Florida. I doubt that this will affect Allstate’s notorious delay, deny defend policy of dealing with consumers claims.