Allstate Announces $60 Million Refund In Texas

[SequSpur]

Allstate Announces $60 Million Refund In Texas
Refunds Part Of Rate Rollback Ordered By State Commissioner

POSTED: 12:09 pm EDT August 16, 2004
UPDATED: 1:01 pm EDT August 16, 2004

AUSTIN, Texas -- Allstate, the state's second-largest home insurer, will begin issuing refunds totaling $60 million to Texas policy holders, the company announced Monday.

A Texas Department of Insurance spokesman said the refunds are part of a rate rollback ordered by Commissioner Jose Montemayor last year.

The one-time refund to about 686,000 customers represents 8.75 percent of the premiums paid on home insurance policies with effective dates from Sept. 7, 2003 through Sept. 6, 2004, the company said. Allstate had already issued a 10.1 percent refund last year.

For current policyholders, the refund will be issued as a credit on their next renewal statement, the company said. A refund check will be issued for customers no longer insured by Allstate.

The insurance department last year ordered most of the state's top 32 insurance company groups writing homeowners insurance in Texas to lower their rates.

When it ordered the cuts, the state estimated it would save Texans more than $510 million.


I just figured that I am getting $87.16 out of this refund. Isn't that ing swell.

[mouse]

Cool story thanks