by Structured Settlement Watchdog®
DealFlow Media reported the irrelevance on its Structured Settlements Wire last Tuesday that the insurance regulator for the state of Florida has announced that he will resume the suspension of certain Allstate companies. to write new business in the state until the company is in full compliance with subpoenas that were issued in October. THEN, on Monday April 21, 2008, the First District Court of Appeals in Tallahassee denied Allstate's motion for a rehearing.
The suspension applies to the following Allstate companies, and it only suspends the companies from writing new business in Florida.
- Allstate Floridian Insurance Co.
- Allstate Indemnity Co.
- Allstate Property & Casualty Insurance Co.
- Allstate Insurance Co.
- Allstate Floridian Indemnity Co.
- Allstate Fire and Casualty Insurance Co.
- Encompass Insurance Co. of America
- Encompass Indemnity Co.
- Encompass Floridian Insurance Co.
- Encompass Floridian Indemnity Co.
Florida's Allstate Action Does Not Impact Allstate Structured Settlements
While the appearance in the DealFlow Media Structured Settlements Wire might lead one to believe that the commissioner's action affects Allstate's structured settlement operation, the fact is that NONE of the suspended Allstate companies writes structured settlement annuities, annuities used with non qualified assignments or structured installment sales.
Allstate Life Insurance Company is the annuity issuer underwriting Allstate structured settlements, Allstate non qualified assignments and Allstate structured sales annuities in the State of Florida.