Allstate Flouted Law Calling For Lower Premiums, Suit Says

Law360, New York (July 11, 2012, 6:25 PM EDT) -- Allstate Floridian Insurance Co. was slapped with a proposed class action claiming it cheated customers out of savings that were supposed to be passed on under a 2007 Florida law that made low-cost state-subsidized reinsurance coverage more widely available to property insurers.

The lawsuit, filed July 2 in Florida state court, accused Allstate of violating good faith duties toward policyholders, the state insurance regulator and the Florida Legislature by not promptly passing on to customers savings the insurer achieved under House Bill 1-A. The law directed...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.