Standing side by side with Insurance Commissioner Kevin McCarty, Gov. Charlie Crist announced that that Florida regulators have issued subpoenas to Allstate and its sister companies to see whether or not they have failed to comply with Florida's insurance reform laws.
"We have significant reason to believe that some insurance companies are violating Florida law,'' said Crist.
Regulators not only want documents from Allstate regarding their recent rate filings, but also their dealings with rating agencies, companies that do storm modeling, and trade associations, including the Florida Insurance Council and the Property Casualty Insurers Association of America. Read more here.
Crist and McCarty stopped short of accusing anyone of collusion, but said they were suspicious about what was happening with large insurers such as Allstate. "We're not accusing anyone of anything, but we sure are tracking them down,'' said Crist.