Texas Windstorm Insurance Association Seeks 5% Rate Increase

August 20, 2010

The Texas Windstorm Insurance Association has filed for 5 percent increases in both its residential and commercial rates, effective Jan. 1, 2011.

The state's insurer of last resort provides wind and hail coverage in the 14 coastal counties and parts of Harris County. TWIA provides wind and hall coverage when insurance companies exclude it from their homeowners and other property policies sold to coastal residents.

In accordance with the Texas Insurance Code, TWIA is required to make an annual rate filing with the state Department of Insurance no later than August 15 of each year. Actuarial data indicates that rate increases of 27 percent for residential and 36 percent for commercial are needed. However, the group's board of directors voted to file for the 5 percent increase.

Jerry Hagins, spokesman for the state Department of Insurance said it is premature to say whether the insurance commissioner will disapprove the rate request. Yet the commissioner's approval is not needed.

By law, any rate increases greater than 5 percent must be approved by the commissioner within 60 days. However, for rate filings of 5 percent or less, the commissioner does not have to approve the rate. The commissioner does have 30 days from the rate filing to disapprove of it. And if the commissioner does not disapprove of the rate increase, it will automatically take effect, Hagins explained.

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Texas Insurance Department working to fix problems in workers' comp division

Jul. 15, 2010 By DARREN BARBEE dbarbee@star-telegram.com

Hundreds of workers compensation cases - including dozens collecting dust for at least three years - hit a virtual dead end at the Texas Department of Insurance, according to a state audit that also highlights the division's sloppy work and lifeless enforcement.
 
The workers' compensation enforcement division threw in the towel on businesses and individuals between July 2009 and February: More than 8 of every 10 cases resulted not in fines, but warning letters.
In contrast, other insurance department enforcement teams handed out fines in 55 percent of their cases, according to the audit released Thursday.

"We're working to fix it," said Insurance Department spokesman John Greeley.

The state auditor's office report found as of April, 661 pending cases had been open an average of about 15 months - 467 calendar days.

One case has been open since fiscal 2006 and 58 since 2007.

In 45 cases tested by auditors, all lacked either documentation or evidence that a supervisor had reviewed them. Workers' compensation also has no methodology for assessing fines. As a result, auditors had no way to judge whether fines were applied consistently.

The department has started to address its problems by keeping an accurate inventory of cases. A database now tracks cases and creates reports on all pending matters. Enforcement team leaders will also conduct case reviews to verify that cases are making progress. The senior associate commissioner has introduced a procedure to verify that leaders are conducting case reviews in a timely manner.

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Texas Session on Health Reform Law

Image courtesy of IIAT.org

Insurance Commissioner Mike Geeslin will join panelists for a discussion of the implementation of the new Patient Protection and Affordable Care Act at the Independent Insurance Agents of Texas 113th Annual Conference on June 15 at the Omni Hotel in downtown Fort Worth.

The panel discussion, which begins at 9:45 am, is open to all agents and company personnel, even those not registered for the conference.

The panelists include the current president of National Association of Health Underwriters, Russ Childers; Shannon Meroney, J.D., Governmental Affairs manager with Aetna; and John Prible, vice president of Federal Government Affairs for IIABA.

David VanDelinder, IIAT executive director, will moderate the discussion which will revolve around the impact of the new law on insurance markets and insurance costs.

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Texas to be U.S. transportation testing ground

by Candace Lombardi May 5, 2010

Texas is about to become IBM's test subject for a series of telematics transportation technologies with the blessing the U.S. Department of Transportation.

IBM Chairman and CEO Sam Palmisano plans to announce the news in Houston on Wednesday at the 20th annual meeting of the Intelligent Transportation Society of America (ITSA 2010), along with U.S. Secretary of Transportation Ray LaHood and Texas Transportation Institute Director Dennis Christiansen. The partnership between IBM and Texas will closely follow the federal intelligent transportation research agenda put forth by Secretary LaHood and the Obama administration.

LaHood announced Tuesday that the Department of Transportation is offering $775 million for transit agencies across the U.S. to upgrade their bus systems, and he plans to announce yet another initiative during a speech at ITSA 2010 on Wednesday regarding vehicle-to-vehicle communication (aka IntelliDrive), according to the DOT.

Vehicle-to-vehicle technology would give cars standard communication by combining a system similar to Wi-Fi with the global positioning system. Drivers would be warned in short advance of an impending collision, sudden lane change, or if the car in front of them is suddenly braking hard. An estimated 76 percent of crashes involving unimpaired drivers could potentially be prevented using the technology, according to DOT statistics.

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Free Photo With a Formula 1 Car!

Come get a free framed photo of you with the Gainsco formula one racing car. Bring the whole family and friends. We will have drinks, games and prizes. It will be on June 9, 2010 from 9AM-6PM. We are located at 20025 Katy Freeway, Katy, TX 77450, at the intersection of Fry Rd and I-10. Come and have a great time. Look forward to seeing you there.

State Farm sues Texas Department of Insurance

AUSTIN, Texas — State Farm Insurance has filed a lawsuit against the Texas Department of Insurance after the state agency took the unprecedented move of publicizing on its Web site recent rate hikes by the company.

Texas' largest insurer filed suit Tuesday, seeking to protect from disclosure certain information that State Farm said could benefit its rivals in the insurance industry.

Department spokesman Jerry Hagins says the agency's position is that all documents associated with a rate filing are public information.

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Reliable Insurance Managers are a one stop agency that can handle all of your insurance needs. We use A+ rated carriers providing 24 hour claims service and exceptional customer service. We specialize in Katy auto insurance, homeowners and business insurance in Katy and Houston and surrounding areas.

We concentrate on providing low rates for the following coverage’s:

• Personal Auto


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• Flood


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• Life and Health (Individual and Group Benefits)