•  FLORIDA CAPITOL NEWS
Another top story...Is a ruling on Allstate.

Allstate Insurance was ordered to stop selling new insurance policies this morning.

Polices written that have not yet taken effect will still be valid, but the 1st District Court Of Appeal today decided state insurance regulators do have the power to close the company to new polices until Allstate complies with a request for documents.

As our Capitol Reporter Mike Vasilinda tells us, the court says allstate is its won worst enemy in the case.

The Allstate battle began in January, at this hearing when Allstate attorneys and executives swore to tell the truth then failed to provide company rate setting information to the state.

The next day, regulators went to court, filing an emergency order prohibiting the company from writing new business. It has taken three and a half months of uncertainity for policy holders, but the First District Court of Appeal now says the state has the power to shut the company down..and the company has the power to decide when it can start selling again by giving the state what it wants. Regulators say they may have gotten all the documents they asked for, but want assurances the company will be responsive if there is something the state wants.

Kevin McCarty/Insurance Commissioner
The order effectively closes the doors of 1100 agents until the state is satisified.

Kevin McCarty
Calling the facts unique, The court said Allstate created the problems it faces when it failed to turn over documents. The state calls the order important.

Kevin McCarty
The state is calling the showdown an attempt to get compliance from the company. It is taking an alternate route to punish it for what it believes are law violations.Allstate Insurance Decision
 

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Plenty of sunshine both Saturday and Sunday, with a few clouds and a small chance for showers. Highs in the mid 90's. There is a better chance for scattered showers by the middle of next week.

Currently we have 2 named storms in the Atlantic. Bertha continues to stay together, and will head Northeast on its current track. Tropical Storm Cristobal is just off the coast of South Carolina, but is expected to maintain a Northeast Track as well. In the Caribbean Sea, an area of low pressure may become a depression over the next day or two as it moves toward the northwest.

~Jim Carmack


 

 

 

 
   
 

 
 

 
 

 
 

 
 

 
 

 

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