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“Florida Insurance Commissioner Kevin McCarty ordered a stay of the suspension of the Allstate Companies' licenses to sell new business in the state. McCarty's decision comes as the result of Allstate's submission of an affidavit certifying that it has complied with Florida law by freely providing all documents (McKinsey Documents) requested by the Office of Insurance Regulation as part of its investigation of Allstate's business practices in Florida.
The commissioner's announcement follows the May 15 First District Court of Appeal's opinion denying Allstate's motion for a rehearing and affirming the OIR's action in issuing the January immediate final order. ‘I have stayed the suspension of Allstate, and I have accepted its affidavit as evidence that they have completely and unconditionally complied with Florida law and with our requests for documents,’ McCarty said. ‘I also, though, have made it perfectly clear that failure to cooperate with necessary, ongoing requests from the Office (OIR) will result in an immediate resumption of the suspension.’
Allstate produced hundreds of thousands of pages of documents that OIR staff members have been thoroughly reviewing. Of the more than 825,000 pages mentioned in its affidavit, Allstate produced only 36,000 pages between the Oct. 16 issuance of the subpoenas and the Jan. 17 issuance of the IFO.
See InsuranceJournal.com for the whole story.Post a Comment to "Florida Regulator Lifts Allstate Suspension"
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