Allstate Gives Trade Secrets Documents to Florida Regulators
By Press
From the Chicago Tribune, a follow up to our story here, regarding documents sought by regulators that insurer Allstate was claiming were trade secrets.
Florida regulators had barred Allstate from writing new policies as a result of the dispute.
Florida Insurance Commissioner Kevin McCarty barred Allstate from writing new policies in the state because he said the company hadn't complied with a subpoena for the documents. That suspension, in turn, was overturned by a Florida court on January 18, and the commissioner is seeking to reinstate it. According to the story, McCarty still isn't satisfied with the insurer's level of cooperation.
The documents were created by consulting firm McKinsey which produced about 13,000 pages of documents for Allstate in the 1990's as it developed methods for the insurer to become more profitable by paying less in claims.
Florida regulators had barred Allstate from writing new policies as a result of the dispute.
Florida Insurance Commissioner Kevin McCarty barred Allstate from writing new policies in the state because he said the company hadn't complied with a subpoena for the documents. That suspension, in turn, was overturned by a Florida court on January 18, and the commissioner is seeking to reinstate it. According to the story, McCarty still isn't satisfied with the insurer's level of cooperation.
The documents were created by consulting firm McKinsey which produced about 13,000 pages of documents for Allstate in the 1990's as it developed methods for the insurer to become more profitable by paying less in claims.
<< Home