California Insurance Commissioner Steve Poizner said today the Department of Insurance will seek refunds for Allstate home insurance customers if it determines that their rates are excessive.
This would be the first time in California history that a retroactive refund is ordered following a rate hearing, he noted. Mr. Poizner promised to scrutinize the carrier's rates earlier this month after Allstate announced it would not take new business in the state.
The department has issued a show cause order requiring the Northbrook, Ill-based carrier to prove that its homeowner rates in the state are not excessive.
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