Maryland Insurance Commissioner Ralph S. Tyler today accepted Allstate Insurance Co.’s decision to refuse new homeowners’ policies in coastal areas.
Tyler said his agency’s hands were effectively tied from halting Allstate’s plan.
“While the result here may be disappointing to some, the Maryland Insurance Adminsitration is charged with enforcing the law as it is written, not as we might wish it to be,” said Tyler. “The Maryland General Assembly may well consider this subject worthy of review.”
Allstate submitted filings to cease writing new homeowner’s business in certain coastal areas last year, and that filing has been the subject of state review since then.
Allstate’s filing does not affect existing policies based on their proximity to coastal areas alone. The company has decided not to write new business in certain geographic areas of Maryland, such as Southern Maryland and the Lower Eastern Shore, including Ocean City.
Source: MIA
www.mdinsurance.state.md.us.
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