January 16th, 2008 3:50 PM

In the past few years Florida has seen most of the major Insurance Companies cancel policies and raise rates. To alleviate the problem the State has increased it's Catastrophic Fund by billions to help stabilize and reduce rates. This has been to no avail and today Florida has suspended Allstate Insurance from writing any new policies in the State.

Florida's insurance commissioner Kevin McCarty announced Tuesday morning that the move is in reaction to the company's
noncompliance on Tuesday with subpoena requests for information about its rate-setting procedures.

The suspension is being written to target auto policies. The suspension begins Wednesday afternoon and will continue until Allstate complies with the subpoena.

These companies do not want to write homeowner's policies, only the less risky auto insurance.

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