Allstate Turns Over Sensitive Documents
January 24th, 2008 by Mike VasilindaTen days after Allstate Insurance was ordered to stop selling insurance until it turned over documents, some of the documents are in state hands. The company went to court and was given the go ahead to keep selling new policies, but state regulators have appealed. The same day of the appeal, Allstate turned over between 10 and 12 thousand pages know as the McKinsey Documents. The Documents allegedly paint a sour picture of the company’’s business practices. State Insurance Spokesman Ed Domansky says for now, the documents will remain shielded from the public.
“The McKinsey documents right now are part of an ongoing investigation so they would not be public documents,” Domansky said. “And we’ve also been told that they most likely have labeled them as trade secret. So in that case, they would not be available at this point to the public.”
What do you hope to learn from them?
“We’re hoping to see what’s in there,” Domansky said. “I mean, one of the things to keep in mind is that the investigation is also looking at Allstate’s business practices. So, those documents may have things in there that are relevant to what the commissioner needs to see about how they are handling claims and how they are conducting business in Florida.”
Allstate already owes the state of Missouri 2.5 million for refusing to turn over the documents there. Florida regulators say it wasn’t until they took drastic action that the company started complying with their subpoena. The documents were due in state hands January 16th.
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