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…
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Current slab claim process under review in Texas
Texas lawmakers approved revisions to the state’s windstorm fund this week. The Texas Windstorm Insurance Association, a pseudo-government agency in charge of providing insurance coverage to coastal properties prone to hurricane damage, has been the subject of debate amongst legislators for some time now. Senate approved reform will address several issues, including new methods to determine whether damage is caused by wind or water. The reform bill, House Bill 272, was passed unanimously by the Senate. One of the issues to be addressed by the system reform is how the…
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 MorePro business Texas insurance bill passes
The Senate of Texas has passed a new insurance bill that has been the subject of a great amount of controversy. The bill will extend the life of the Texas Department of Insurance and will impose stricter guidelines on the agency itself. Previous to the bill’s passage, a number of amendments were proposed to make the legislation more consumer friendly. Each amendment was rejected, however, as they were deemed unfruitful to the state’s insurance industry. The state’s Democrats were behind the amendments to the bill. They argue that their propositions…
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