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From the staff of the Tampa Bay Times

Allstate Wins a Stay

18

January

One day after Florida regulators ordered Allstate Corp. to stop selling all lines of new insurance in the state, the 1st District Court of Appeal in Tallahassee granted Allstate's emergency motion and lifted the ban.

Allstate argued in its motion that regulators did not give prior notice before issuing the ban, and that regulators can only use their power to shut a company down in the event of an emergency, which Allstate said does not exist.

A spokesman for insurance commissioner Kevin McCarty said regulators will ask that the order be reinstated, and will look into other penalties, including fines.

Regulators want Allstate to turn over hundreds of documents and explain why the company has not complied with state law and lowered its rates.

-- Tom Zucco, Times staff writer

[Last modified: Wednesday, September 15, 2010 3:16pm]

    

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