The “Good Hands” people over at Allstate sure have a strong grip when it comes to holding onto documents demanded by the government. The carrier had its license suspended in Florida this week for failing to cough up everything the state wants in its probe of property insurance rate-setting. Meanwhile, it can't shake a fine of $25,000 a day for refusing to hand over an infamous consultant's report, supposedly on how to stall claims–”a kind of holy grail for plaintiff lawyers nationwide,” notes the “Kansas City Star,” whose readers rightfully hammered the insurer online.
To read more about Allstate's problems in Florida, click here. But today I'd like to share with you some of the angry feedback provided by readers in the Show-Me State.
Missouri courts want Allstate to turn over a report by McKinsey & Company that was the focus of a devastating cover story, “The Insurance Hoax,” last year in “Bloomberg Markets” magazine. (See my Sept. 4, 2007 blog entry for details.) The carrier absolutely refuses to cooperate, arguing that the material amounts to proprietary trade secrets, and has run up fines of some $2.4 million as a result.
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