Florida regulators subpoena Allstate companies to explain profits

[The Straight Story]

Florida regulators subpoena Allstate companies to explain profits

TALLAHASSEE, Fla. (AP) -- Florida's insurance regulators have subpoenaed the Allstate companies for a January hearing when they can explain what state officials call runaway profits.

Gov. Charlie Crist and Insurance Commissioner Kevin McCarty complained that Allstate Floridian Indemnity and Allstate Florida Insurance Company are requesting rate increases of about 28 percent and 42 percent respectively.

Crist has been angry with the industry for not lowering rates as a new state law was designed to do. He referred to some insurance companies as "tenacious and greedy."

The hearings are scheduled January 15th and 16th at the Capitol.

http://hosted.ap.org/dynamic/stories/F/FL_PROPERTY_INSURANCE_FLOL-?SITE=FLTAM&SECTION=US

[Crazy Dave]

1. Talk about profits

Wait until "mandatory health insurance" comes about. If you think the rates are high now, just wait until it's made into a law that you have to have it or pay a fine.

[flashl]

2. Too late. Homes are foreclosing at accelerated speeds.

Homeowners can't pay both, insurance and mortgage.

[Dr.Phool]

3. Hey, they're taking it easy on us.

Last year they only raised rates 72%!