New York State
Eric R. Dinallo Superintendent of Insurance 25 Beaver Street New York, N.Y. 10004
|ISSUED 9/12/2007||FOR IMMEDIATE RELEASE|
ALLSTATE AGREES TO COMPLY WITH DIRECTIVE ON NOT RENEWING COASTAL HOMEOWNERS POLICIES
Will Not Tie Renewal of Homeowners to also Having Auto or Life Policies
Allstate Insurance Company and its affiliates have agreed to comply fully with a directive by the New York State Insurance Department that insurance companies may not refuse to renew homeowners insurance policies based on whether a policyholder also has an automobile or life insurance policy with the same company, Insurance Superintendent Eric Dinallo announced today.
On August 28, the Department issued its directive in a circular letter which instructed all property/casualty insurers to discontinue the practice of non-renewing homeowners insurance policies based upon whether or not the policyholder had other insurance business, such as automobile or life insurance, with the insurer or its affiliates. The letter directed any company that had issued a notice of non-renewal on that basis to immediately rescind that notice if it had not yet taken effect.
On August 31, the Department issued a citation to Allstate following the company's refusal to comply with the circular letter. The citation set a September 19, 2007 hearing. Since Allstate has now agreed to fully comply with the circular letter, the Department will adjourn the hearing and engage in discussions with Allstate about resolving the issues raised in the citation.
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