On October 16, 2007, the Florida Office of Insurance Regulation (“FLOIR”) issued a subpoena to several Allstate entities requesting that  they appear before the FLOIR to give testimony and produce documents concerning their reinsurance program, their relationships to risk modeling companies, insurance rating organizations or companies and insurance trade associations.  The subpoena calls for the testimony to take place on January 15-16, 2008.

Click here to read the FLOIR press release.

Click here to read the subpoena.

Gov. Crist’s brief statement regarding the subpoena is as follows:

FOR IMMEDIATE RELEASE

TUESDAY, OCTOBER 16, 2007

CONTACT: GOVERNOR’S PRESS OFFICE

(850) 488-5394

Statement by

GOVERNOR CHARLIE CRIST

Regarding Property Insurance Subpoena

“Many Florida homeowners have been disappointed that property insurance rates have not dropped more, and I, too, am disappointed.  We have significant reason to believe that some insurers are violating both the spirit and the letter of the law passed earlier this year and may not be passing savings along to the customer.  Instead, we have seen outrageous rate hike requests.

“The insurance industry is tenacious, but we are, too.  We will remain vigilant and will continue to hold the insurance industry’s feet to the fire.  Thanks to the good work of Senate President Ken Pruitt, House Speaker Marco Rubio and the Florida Legislature, we created significant insurance reform in Florida that gives Insurance Commissioner Kevin McCarty the tools he needs to hold property insurers accountable.  I applaud the Commissioner’s work to ensure insurance companies are responsible and bring rates down.”

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