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Dedicated to providing regular (well, as regular as our workload permits) updates concerning legal and regulatory events impacting the regulation of the business of insurance in the State of California.

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« Rate Hearing Updates (6/23/08) | Main | Mercury to Reduce Auto, Homeowners and Renters Insurance Rates »
Thursday
Jun192008

Allstate Drops Appeal of Auto Insurance Rate Reduction Order

DateThursday, June 19, 2008 at 01:30PM

Yesterday, Allstate dismissed its appeal of the Commissioner's March 14, 2008 Order, directing Allstate to reduce its automobile insurance rates by 15.9%. The order follows an administrative hearing on Allstate's rate application and proposed decision by the administrative law judge ("ALJ") also recommending the rate decrease.

There is no official word as to why Allstate has dropped its appeal. This dismissal, however, comes not long after the CDI's recent introduction of the newly revised prior approval regulations.

What is certain is that the general public and the industry will have to wait a little longer for the California courts to further address the constitutional confiscation test.

AuthorSpencer Y. Kook | Comments Off |
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