The Texas Department of Insurance is in for a shakeup as Governor Rick Perry announced Wednesday that a new Insurance Commissioner is on the way. Eleanor Kitzman, once the executive director of the South Carolina Budget and Control Board, has been appointed to the position and will take the reins of the office beginning next month. Her term will span until February 1, 2013, giving Kitzman ample time to affect change in the state’s insurance industry. Kitzman will be replacing former Commissioner Mike Geeslin who held the office for several…
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Texas residents received fraudulent windstorm inspections, may not be eligible for coverage
The Texas Windstorm Insurance Association, the state-run insurance program that is one of the very few places offering coverage against wind damage to Texas residents, will continue to offer insurance coverage thanks to a special session of the state’s Legislature. Lawmakers toiled over the issue for some time, often unable to meet a consensus on what should be done about the indebted program. The decision was made some weeks ago that the program should continue, but with changes. Along with these changes come new home inspections, which will determine whether…
Read MoreThe fate of the Texas state run wind pool still undecided
Texas lawmakers will be convening in a special session of Senate after they were unable to determine the fate of the state’s Windstorm Insurance Association. The state-run insurance program provides coverage to homeowners in coastal areas that are prone to hurricanes. A bill to reform the program was before the state Senate last months, but legislators were unable to reach a compromise regarding the provisions of the bill. Now, the Legislature will be in session until a verdict can be reached. One of the provisions of the bill to reform…
Read MoreTexas Department of Insurance receives long awaited extension
Lawmakers in Texas voted to extend the longevity of the state’s Department of Insurance. The department will also enjoy more authority over the insurance industry and will be able to impose stricter penalties when companies challenge the agency’s rate assertions and lose. The relevance of the Department had been debated for some time before a decision was reached Monday. Many legislators say that the ruling was long overdue. According to Texas law, state agencies must be evaluated for effectiveness every 12 years. Legislators determine whether these agencies provide a necessary…
Read MoreTexas drought costing billions in losses
While much of the South in inundated with water, Texas is suffering from one of the worst droughts in recent history. Last week, the level of drought rose a staggering 22%, putting the level at 48%. There have been more than 9,000 wildfires throughout the state, causing damage to some 400 homes and burning 2.2 million acres of land. Texas officials are seeking aid from the federal government to help mitigate the expected $3 billion in losses because of the severe drought. Farmers across the state are reporting damage to…
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