Florida's Office of Insurance Regulations has reached an agreement with Allstate where the company will pay a $5 million fine to resolve legal issues stemming from the company's fight over documents the department requested.
The agreement, announced late today, resolves allegations that the Northbrook, Ill.-based carrier failed to provide documents the department requested, falsely asserted trade secrets in its September rate filing and falsely certified that filing.
"It is unfortunate that Allstate's disregard of Florida law required the office to take the drastic actions that we did in order to bring Allstate into compliance," Florida Insurance Commissioner Kevin McCarty said in a statement. "However, the terms agreed to by Allstate in the consent order go a long way toward restoring confidence in Allstate's business practices and will provide a great benefit to their policyholders and future policyholders."
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