News for the week of Feb. 13, 2023
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ICT Represents Texas Insurance Industry On Claims Processes, Rate Impacts and More
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Impacts of the Recent Winter Storm
Since the most recent winter storm hit Texas, ICT has been busy providing information distributing information to local media outlets throughout the state as well as fielding media calls on behalf of member companies to educate the media and the public on how to file claims, what to do in the event of a loss and how to prepare for the next weather event or catastrophe. In the last 10 days, ICT staff participated in over 20 media interviews and resulting in nearly 40 media placements in local, regional and national publications.
Rates, Inflation and Loss Ratios
For the last year, ICT staff has been working with local media and partner trade organizations distributing information to the public through social channels and local media outlets to help them better understand the "why" behind the recent rise in auto and homeowners insurance rates.
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Catalytic converter thieves would face felony charges under bill as thefts rise in San Antonio
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(Subscription) - Armando Cortez, an automobile mechanic with the San Antonio Independent School District, spray paints a section of a fleet vehicle’s emission system - notably, the catalytic converters - as part of an effort to deter would-be catalytic converter thieves in June 2021.
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Will Texans’ car insurance premiums increase after ice storm?
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Texas car insurance premiums will not increase because of this week’s storm, says the Insurance Council of Texas, but they are trending upwards for 2023 due to other factors.
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Insurance Experts Warn of Storm-Chasing Home Repair Scammers
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(Subscription) - Winter storms can cause all sorts of damage to homes, such as broken windows and holes in roofs from falling trees, as well as damage to vehicles.
Another hazard that often follows comes with scammers from outside the community who look to make quick money with shoddy repair work and split, insurance experts warn.
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How to Set Yourself up for Insurance Success Ahead of Another Storm
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After two historic storms within two years, some have asked how to better prepare for the next one.
Alyssa Onyx and her northwest Austin neighbors on Shady Oaks Drives were still in the dark Wednesday night.
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Texas Damage Claims Small so Far
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With the wreckage of fallen trees and tree limbs strewn throughout Central Texas neighborhoods, much of the area looks as if a tornado or hurricane swept through.
But the ice storm responsible for the destruction — as well as the power outages that have left thousands of people in the cold and dark — isn't expected to approach those types of disasters, or possibly even a bad hailstorm, in terms of monetary damages, insurance industry experts say.
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Legislative News & Updates
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Speaker Dade Phelan announced House committee assignments for the 88th session
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On Feb. 8, Texas House Speaker Dade Phelan announced House committee assignments for the 88th session. The two committees which handle issues of interest to our members are House Insurance and House Business & Industry (which has jurisdiction over workers' compensation issues).
Dr. Oliverson (R-Cypress), got reappointed as Chair of Insurance. There are three members returning from the previous session, with six new members on the committee. The political makeup of the committee is five Republicans and four Democrats. Oscar Longoria (D-Mission) is the new Chair of Business & Industry. There are eight new members to this committee with only Stan Lambert (R-Abilene) returning.
The political makeup of the committee is five Democrats and four Republicans (was previously five Republicans and four Democrats). Committees are now established in both the House and Senate and will keep you updated when meetings begin.
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TDI proposes updates to inland marine rules
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The Texas Department of Insurance (TDI) proposes amendments to the inland marine insurance rules.
The changes primarily reflect that insurers do not need to file policy forms or rates for commercial inland marine classes. The changes also include travel insurance, which is a filed class of inland marine, as described in Insurance Code Chapter 3504.
View the proposal (PDF) for the full text and how to submit comments.
For other dates and documents related to this action, visit TDI’s 2023 rules webpage.
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DWC Proposes Amendments to 28 TAC §55.15
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DWC is proposing amendments to 28 TAC §55.15 (Compromise Settlement Agreements). The proposed amendments remove the requirement that "old law" settlement agreements be submitted on multi-colored carbon or carbonless paper; instead requiring them to be submitted in the form and manner prescribed by DWC. They also make conforming changes to replace references to "the board" with "the division".
DWC is accepting public comment until March 13. If you have any feedback for ICT, please contact Angie Cervantes at, acervantes@insurancecouncil.org.
For additional information, click here, and for a copy of the proposed rule, click here.
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P&C Industry News & Updates
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NAIC Announces 2023 Regulatory Priorities
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National Association of Insurance Commissioners
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The National Association of Insurance Commissioners (NAIC) announced its strategic priorities for 2023. Each year, NAIC Members finalize the priorities and discuss potential workplans after assigning committee responsibilities.
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Michigan- Insurance expert: Auto insurance industry misleads consumers to hide failure of no-fault law
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WVPE 88.1 - South Bend, IN
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A new report says the auto insurance industry in Michigan is using misleading data to assert that the state's 2019 auto no-fault law is reducing rates for consumers.
Insurance expert Doug Heller of the Consumer Federation of America looked into claims by the Insurance Alliance of Michigan, the insurance lobby in the state, that "more than 50" new auto insurance companies are doing no-fault business in the state after the 2019 law passed.
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How can brokers assess the ESG profiles of their clients?
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Insurance Business TV presents an ESG and insurance special, discussing an overview of ESG and why it has become such a hot topic in the insurance industry, how insurers are linking ESG profiles to pricing, and how brokers can assess the profiles of their clients.
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