Allstate Corp - Current report filing (8-K)
August 19 2008 - 1:05PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date of report (Date of earliest event
reported):
August 15, 2008
THE
ALLSTATE CORPORATION
(Exact name of Registrant as Specified in
Charter)
Delaware
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1-11840
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36-3871531
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(State or other
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(Commission
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(IRS Employer
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jurisdiction of organization)
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File Number)
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Identification No.)
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2775 Sanders Road
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Northbrook, Illinois
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60062
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(Address of Principal Executive Offices)
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Zip
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Registrants telephone number, including area
code:
(847) 402-5000
Check the appropriate
box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:
o
Written communications pursuant to Rule 425 under
the Securities Act (17 CFR 230.425)
o
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))
o
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))
Section 8
Other Events
Item 8.01. Other
Events.
In
February 2008, the Florida Office of Insurance Regulation (OIR) filed an
administrative complaint against ten affiliated companies of the Registrant
regarding their rate filing certification process and their response to
subpoenas issued by the OIR in connection with the investigation of residential
property insurance rate practices. On
Friday, August 15, 2008, the OIR
announced that these affiliates of the Registrant and the OIR had agreed upon
the entry of a consent order, which
provides for in major part: 1) dismissal
of the administrative complaint; 2) Allstate Insurance Company paying a $5
million penalty; 3) subject to any regulatory filings necessary to complete the
transaction, Allstate Insurance Company making a permanent capital contribution
of approximately $175 million to Allstate Floridian Insurance Company by
canceling and forgiving an outstanding surplus note and any related interest;
4) Allstate Floridian Insurance Company and Allstate Floridian Indemnity
Company writing a combined total of 100,000 new homeowners and renters or condo
insurance policies over a period of three years in Florida (i.e., 50,000 of
these policies shall be homeowners policies; the remaining 50,000 may be a
combination of condominium unit owners policies or renters policies); 5)
Allstate Floridian Insurance Company and Allstate Floridian Indemnity Company
reducing their homeowners and renters territorial base rates by 5.6%; and 6)
the continued cooperation of the Registrants ten affiliates with current OIR
investigations regarding insurer relationships with various entities and
claim-payment practices.
The
resolution of this matter demonstrates the Registrants willingness to work
with the OIR in order to resolve this matter.
The Registrant and its affiliates believe this agreement is in the best
interests of their customers, agency owners, and stockholders. The Registrants affiliates will continue to
work with the state of Florida to find long-term solutions to significant
issues facing Floridas residential property insurance market.
2
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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THE ALLSTATE CORPORATION
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By:
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/s/Jennifer
M. Hager
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Name: Jennifer M. Hager
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Title: Assistant Secretary
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Date:
August 19, 2008
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