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Statement from Florida’s Chief Financial Officer Tom Gallagher on Allstate Floridian

6/29/2005

CONTACT:
Tami Torres or Bob Lotane
(850) 413-2842
 
 TALLAHASSEE – "The agreement reached by Allstate Floridian Insurance Company and Insurance Commissioner Kevin McCarty doesn't offer any real relief to policyholders.  This is just a smokescreen by Allstate to delay an outrageous rate hike without scrutiny by regulators.
 
 "On top of that, the agreement only calls for one public hearing.  That's ridiculous considering Allstate Floridian has 640,000 policyholders.  More public hearings must be held so policyholders have the opportunity to ask the company questions and to voice their concerns.
 
 "We need to re-evaluate the practice of ‘use and file' in Florida.  Every rate request should be reviewed and approved by the insurance commissioner before Floridians get the bill."