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Arlington, TX 76016
August 23, 2007
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AUSTIN—Public Insurance Counsel Rod Bordelon filed a petition today to impose penalties on Allstate Insurance Company for violation of insurance laws and bad faith rating practices. The petition asks for $25,000 for each policy renewed at the excessive and illegal rate as well as a penalty for implementing the rate prior to submitting the filing as required by law. In addition the petition asks for disapproval of the current rates charged by the two Allstate companies doing business in Texas, Allstate Texas Lloyds and Allstate Fire and Casualty.
On Monday, Allstate Fire and Casualty implemented a rate
increase prior to filing the rate with the Department of
Insurance (TDI) as required by law. In addition, a similar
rate filing was previously withdrawn in June 2007 after
objections were filed by OPIC. OPIC filed a petition for
disapproval of Allstate’s current rates in January and again
in June of 2007 arguing the rates were excessive at that
time, and requested that the company be placed in prior
approval status. On Monday, The Commissioner disapproved
Allstate’s recent rate filing and placed the company under
prior approval. However, no ruling was made as to the
company’s current rates. “These rates are now and have been
excessive for months”, said Bordelon, who as Director of the
state’s Office of Public Insurance Counsel (OPIC),
represents insurance consumers. Allstate continues to thwart
the state’s efforts to regulate its rates and has shown an
intent to disregard the Commissioner’s actions. It’s time we
penalize Allstate for their actions and give their
policyholders the lower premiums they deserve.”
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