Allstate: Back on the hot seat
In a letter, Sen. Jeff Atwater and Sen. Steve Geller are asking Allstate Insurance Corp. to produce hundreds of pages of documents relating to how the company does business, giving Allstate two weeks to comply. The senators are after most of the same documents the state is also seeking through an investigation led by Insurance Commissioner Kevin McCarty.
Lawmakers want to see internal communications between Allstate and its affiliates, as well as documents relating to hurricane modeling, rate filing, rating agencies and reinsurance contracts.
The Senate Select Committee on Property Insurance Accountability spent two days earlier this month grilling five insurance companies, including Allstate, about their business practices and rate-making process. The committee, which has singled out only Allstate, is next scheduled to meet Tuesday in Tallahassee.
Last fall, McCarty sent seven subpoenas to Allstate seeking much of the same information. But after he had determined that Allstate had turned over only a fraction of the documents, McCarty tried to block the Northbrook, Ill.-based insurer from writing any new business in the state. An appeals court overturned McCarty’s order, but the state is contesting that ruling.