I came across this article in this morning’s Wall Street Journal (subscriber link):
Regulators accused the company of failing to comply with a subpoena issued in October. In it, Florida Insurance Commissioner Kevin McCarty demanded documents detailing Allstate’s relationship to insurance trade groups, risk-modelers and ratings agencies as part of an inquiry into why insurance overhauls passed by the legislature last year, including the expansion of a taxpayer-backed state catastrophe fund, have failed to produce lower property-insurance rates for many homeowners.
Mr. McCarty said the company faces the risk of fines, suspension or revocation of its license to sell policies in the state — possibly including automobile insurance — if it fails to comply. In the event of a suspension or revocation, the company would be unable to sell new policies but would have to service existing ones. Allstate is the state’s fourth-largest insurer of homes, with about 241,000 policies in force, said Edward Domansky, a spokesman for the commissioner, who added that Allstate hasn’t been writing new homeowner policies in the state for a while. As Allstate also insures about 1.7 million automobiles in Florida, whatever action the regulator takes is likely to affect that business.
An announcement of action against Allstate is expected today, said Tom Zutell, a spokesman for Mr. McCarty.
The article mentions that Allstate says they tried to comply with the OIR’s demands, but simply needed more time.
I so need to get a transcript.