Tag: texas insurance regulations

Texas insurance companies may soon see drop in lawsuits

Logan B.
dallas texas insurance companies

A new bill in the state House would discourage homeowners from suing as a result of certain claims. Texas insurance companies could soon find themselves facing fewer lawsuits relating to claims involving weather damage. The Texas House passed a bill discouraging homeowners insurance policyholders from filing lawsuits against their insurers in regard to claims involving flood, hurricane or hail damage, for example. At the moment, Texas insurance code provisions include a penalty for failing to follow-through with claims payments. This means that Texas insurance companies risk having to pay more…

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Health insurance companies may not be complying with Texas regulations

S.Vagus
Texas health Insurance companies

Some insurers may be ignoring state regulations regarding transparency Many health insurance companies in Texas may not be complying with the state’s new regulations regarding transparency. The regulations require insurers to submit regular reports to the Texas Department of Insurance, detailing information concerning their health care networks. When insurers do not file reports, or if these reports are inadequate, state regulators are meant to take action, but public records have shown that this rarely happens. As such, many insurers may be circumventing regulations and avoiding regulators entirely. Small number of…

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Texas insurance regulatory system may be seized by federal regulators if the state’s Department of Insurance is not granted more authority

The Texas Department of Insurance has been reviewing health insurance rate proposals since the Affordable Care Act was passed in 2010. Regulators have been scrutinizing any insurer that aims to raise rates by 10% or higher, but their efforts may be in vain. According to the Department of Insurance, regulators do not have the authority to block any rate proposal that they deem excessive. They also do not have the means to distribute information regarding rate hikes amongst consumers. This is because the state does not have the laws to…

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Texas consumers eligible for health insurance rebates may see a lower amount than originally thought

In Texas, some 690,000 consumers may receive approximately $160 million in insurance rebates in August. The money comes as part of the medical loss ratio provision of the Affordable Care Act, which dictates that insurers must pay at least 80% of the money they collect from premiums on medical care and if they cannot meet this standard they must return the money to policyholders. This may be good news for consumers, but state regulators are looking to cut the amount of rebates by three quarters. The state’s Insurance Department is…

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