Allstate, Texas Regulators Settle Suit For $71M

Law360, New York (May 13, 2008, 12:00 AM EDT) -- Allstate Texas Lloyd's policyholders in Texas have a $71.3 million payday to look forward to, now that the insurance company has reached a settlement with state regulators in a dispute over homeowners insurance rates.

The Texas Department of Insurance said on Monday that Allstate has agreed to issue $71.3 million in refunds, credits and rate reductions as part of a settlement that will bring an end to litigation filed by regulators alleging that the insurance company had charged too much for homeowners insurance.

Under the settlement,...
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