Allstate Texas Lloyd's was recently found to have overcharged its customers in violation of the law and was handed a $1 million penalty from the state insurance commissioner.
Commissioner Mike Geeslin announced the enforcement action last week in a roundup of license revocations and fines against producers, insurers and brokers doing business in Texas.
The Illinois-based Lloyd's carrier was found to have imposed surcharges in excess of 10% in violation of Texas Insurance Code ANN. sec. 551.107, Geeslin said. His order, dated Sept. 23, carried a $75,000 fine and restitution of $1 million.
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