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Allstate Admits it has Dirty Hands

Allstate the "good hands" people have decided to forgo hundreds of millions of dollars in profits rather than show their "dirty hands" to Floridians. Florida Insurance Commissioner Kevin McCarty announced on Friday that Allstate Corp. will give it's existing Florida policyholders an additional 5.6% rate cut, forgive a $175 million dollar loan, and pay a $5 million dollar fine to the State of Florida rather than produce rate-related documents regulators had demanded. This interesting settlement was only agreed to by Allstate after the Florida Insurance Commissioner suspended Allstate from writing new policies in Florida . The agreement resolves McCarty's legal action that accused Allstate of failing to produce rate-related documents, falsely claiming that the material requested contained trade secrets, and falsely certifying a request to raise rates by more than 40%.

Full post as published by The Trade Secrets Vault on August 17, 2008 (boomark / email).