Allstate Reports Resolution of Market Conduct Exam
October 18 2010 - 1:30PM
Business Wire
Allstate Corporation today announced that it reached a final
agreement in a multi-state Market Conduct Exam. Allstate cooperated
fully with the examination. After thorough review, the Company is
pleased that state regulatory authorities found no institutional
issues involving underpayment of claims.
Allstate over the years has used software technology to assist
our adjusters in evaluating claims for bodily injury. A thorough,
multi-state review of our claims process confirms that our use of
such technology “provides significant benefits to the public in
increased objectivity and efficiency,” and “did not identify
institutional issues involving underpayment of claims,” as stated
in the agreement. The agreement stated that insurance department
personnel need to be better trained to understand claim handling
technology and its use. To help this education process, Allstate
has agreed to create a $10 million education fund to provide for
additional education for the departments.
The Allstate Corporation (NYSE: ALL) is the nation’s largest
publicly held personal lines insurer. Widely known through the
“You’re In Good Hands With Allstate®” slogan, Allstate is
reinventing protection and retirement to help more than 17 million
households insure what they have today and better prepare for
tomorrow. Consumers access Allstate insurance products (auto, home,
life and retirement) and services through Allstate agencies,
independent agencies, and Allstate exclusive financial
representatives in the U.S. and Canada, as well as via
www.allstate.com and 1-800 Allstate®.
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