Report on Dallas tornado insurance claims Several powerful tornadoes cut a swath of destruction in the Dallas-Fort Worth area of Texas this week. The tornadoes caused a significant amount of damage to homes and businesses in the area but no death has been reported thus far. Claims adjusters have been streaming into the state from companies like Nationwide and Allied Insurance to help process the claims generated by the disaster. Insurers and state officials are encouraging all those that have storm-related claims to get in touch with an agent and…
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Texas insurance regulators looking to restructure state’s Windstorm Insurance Association
The Texas Department of Insurance is looking to restructure the state’s Windstorm Insurance Association. The state-run insurance group provides protection from wind damage, something that many of the state’s private insurance companies do not offer. Like similar organizations in other states, the Windstorm Insurance Association has fallen prey to mounting debt. Insurance Commissioner Eleanor Kitzman is now looking for approval from legislators to hire a private consultant to aid in the program’s restructuring. The program was originally meant to be a last resort for state residents who could not find…
Read MoreTexas petitions federal government to delay enactment of the medical loss ratio provision of the Affordable Care Act
As some states seek exemptions from the controversial medical loss ratio provision of the Affordable Care Act, Texas officials are looking to the enacted of the plan delayed. The provision requires insurance companies to spend at least 80% of the money they collect from premiums on improving medical care. Insurers have been opposed to the provision since it was passed in 2010, arguing that it would hurt their ability to stay competitive in the market. Federal regulators have, thus far, been unwilling to cave to the concerns of insurers. State…
Read MoreTexas Consumer Health Assistance Program to come to an end after a short year of operations
The Texas Consumer Health Assistance Program, a state-run program meant to help consumers find affordable health insurance, is scheduled to be shut down this April after only a year of operation. The program was established in January last year with the help of a $2.8 million federal grant. More than 6,000 consumers had used the service to find insurance coverage and the program was responsible for over 160 events geared toward raising awareness of insurance options. Despite the benefits the program had brought consumers, however, it will be shutting down…
Read MoreTexas lawmakers look to rebuke application for medical loss ratio exemption
Texas legislators are urging the state’s Insurance Commissioner, Eleanor Kitzman, to withdraw an application for exemption from the medical loss ratio provision of the Affordable Care Act. The provision requires health insurers to pay no less than 80% of the money they collect through premiums on improving medical care. The provision has been a point of contention for insurers, who have fled some states that were unable to attain a waiver from the rule. Commissioner Kitzman is looking for an exemption to prevent an exodus of insurers from the state.…
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