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May 22, 2006
Texas insurance commissioner orders Allstate to reduce rates
Texas Insurance Commissioner Mike Geeslin on Monday signed an order requiring Allstate Texas Lloyds to reduce rates for all Texas policyholders by five percent.
This follows a contested hearing at the state office of Administravie Hearings, after which the Administrative Law judges issued a proposal for decision regarding the company's rates.
The order also requires Allstate to refund to policyholders the amount overcharged since December 2004, including interest on the overcharged amount of the annual rate of 13.25 percent.
In April 2006, Allstate Texas Lloyds filed a statewide 4.8 percent reduction with the Texas Department of Insurance. Allstate must lower its current filed rate by an additional .2 percent to equal the rate reduction ordered.
Posted by Cay Dickson at May 22, 2006 8:12 PM