Allstate Seeks First-Of-Its-Kind Shift Of Policies Under Ill. Law
Law360 (March 5, 2021, 10:45 PM EST) -- Allstate has made a bid to divide up more than $5 billion in inactive Michigan auto insurance policies into Illinois-based companies in a first-of-its-kind maneuver under Illinois' Stock Company Division Law.
If approved, Allstate would be allowed to divide and separate its auto business into newly formed insurers across state lines.
Allstate's shift of its Michigan auto business strikes at a time when the Wolverine state has put more pressure on insurers with personal injury protection reform. Michigan insurers were previously providing unlimited levels of PIP coverage, but regulation changes in July changed that. Now, Michiganders can choose to pay lower...
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