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Greg Webb
Greg Webb
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Florida Suspends New Issuances of Insurance For Allstate

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Florida Insurance Commissioner, Kevin McCarty, announced he would be suspending Allstate Insurance companies from issuing any new insurance in his state. This decision comes after Allstate refused to obey subpoenas served to them on October 16, 2007 by the Office of Insurance Regulation. The subpoenas are trying to seek the disclosure of the McKinsey Documents, in which McKinsey & Co. detailed to Allstate the best way to underpay insurance claims starting in the mid 1990s. The content of these documents is so incriminating, Allstate has already ignored a $25,000 a day fine instated by a Missouri judge because it refuses to disclose the McKinsey Documents in the state.