News for the week of March 20, 2023 |
ICT Welcomes New Board Member: Diane Hirtz, UFG Insurance |
The ICT Board of Directors recently welcomed Diane Hirtz as the representative of UFG Insurance. Diane currently serves as the Branch Manager for United Fire Group’s (UFG) regional office in Houston with responsibility for achieving profitable middle market growth in TX, LA, and OK. Ms. Hirtz joined UFG in December, 2022 from Chubb Insurance where she had a 31-year career holding positions of increasing responsibility for that organization. In 2005, Diane became the Commercial Lines Manager for the Houston middle market P&C operation, which was a position she held for many years. This role expanded further after the acquisition of Chubb by ACE in 2016. In 2019, Diane assumed oversight for the P&C operation for the Southwest Region responsible for managing the middle market P&C operation in TX, OK, LA, and CO. |
Why Car Insurance Rates In Texas Are Set To Rise Further In 2023 |
The price of car insurance, like so many other things, has been increasing in price recently. But prices have risen particularly high in Texas, making it tougher for motorists to keep their vehicles insured. So what's behind this change, what will it mean for the future, and -- perhaps most importantly -- what can drivers do about it? READ MORE>> |
What can happen if your rental car is stolen |
When someone swerved into Quinton Hoover's Chrysler in January, he needed another way to get around. The insurance provider for the other party paid for a rental at Enterprise Rent-A-Car.
But when that rental car suddenly disappeared, Enterprise wanted Hoover to foot the bill. READ MORE>> |
What's ICT Up To? ICT to Hold All Member Call on March 22 |
Get updates on what we are tracking in the Legislature, latest issues in the media and how you can access to more ICT resources. |
Legislative News & Updates |
During the 88th Legislative session, ICT will be continuously monitoring bills and legislation changes that may impact the P&C and workers' compensation industry in Texas. There are currently 400 bills we are watching and updating our membership on. All the ICT Tracking Reports can be found in the Member InfoHub on the ICT website. Or you can reach out to Angie Cervantes, Government Affairs Manager. |
Governor Abbott Denounces ESG Standards Harmful to U.S. Energy Sector |
Governor Greg Abbott today defended the nation’s energy industry in a letter to President Joe Biden that denounces the Biden Administration's efforts to force environmental, social, and corporate governance (ESG) standards upon America’s investment funds. In the letter, the Governor points out that ESG requirements would directly threaten millions of American energy jobs—many of which are based in Texas—compromise American energy security, and further a trend of federal attempts to undermine the nation's energy industry. READ MORE>> |
House Insurance Committee Hears ESG Bill Related to Insurance |
ESG (environment, social, and governance) has emerged as a prevalent issue during the 88th Texas Legislature and a number of ESG related legislation directly related to the insurance industry have been filed. On March 14, the House Insurance Committee considered HB 1239, authored by Committee Chairman Tom Oliverson, which is a key bill on ESG in relation to insurance. HB 1239 prohibits insurers from using an ESG score/rating in establishing a rate for a policyholder or a customer’s consideration or use of DEI factors in establishing a rate. A committee substitute was introduced during the hearing, which was broader in scope and added to the list of things insurers would be prohibited from considering including: - race, ethnicity, color, national origin, or sex of the customer ’s board, management, or workforce;
- greenhouse gas emissions or climate change factors except to the extent these factors have a material impact on financial risk associated with the insurance policy being considered; or
- whether the customer is engaged in or has dealings with the fossil fuel, mining, agriculture, timber, or firearm industry.
Representatives from the insurance trades testified against the bill, noting that the broad language in both the bill and the committee substitute could have unintended consequences and create uncertainty in the Texas market. All asked that the chair consider clarifying language to address situations when an insurer’s coverage or rate decision was based on sound actuarial principles and risk-based considerations, rather than being an expression of an ESG approach or for any of the reasons listed in the proposed substitute bill. The bill was left pending. The hearing can be seen here. ICT will continue to monitor this bill and other ESG bills as the session progresses. |
TDI Investigation Leads to Indictment Against Public Adjuster |
A Texas public insurance adjuster accused of stealing more than $268,000 in insurance claims from multiple victims has been indicted by a grand jury in Kimble County. READ MORE>> |
Check Out ICT's Latest Podcast! Just Click to Listen. |
Annual Workers’ Compensation Non-Subscriber Reporting is Open |
Texas employers that do not provide workers’ compensation coverage must file DWC Form-005, Employer Notice of No Coverage or Termination of Coverage. This form: - Lets DWC know that an employer has opted out of the workers’ compensation system or ended coverage.
- Must be sent in each year between February 1 and April 30.
Employers that do not file this form on time may face penalties under state law. Employers can file online or by filling out the form. Find more information on how to file on the TDI website. |
TDI Grants Adjustments to Basic Manual for Workers' Compensation |
The Texas Department of Insurance (TDI) adopted NCCI Item B-1446—Revisions to NCCI's Basic Manual, Residual Market Manual, and Forms Manual. The filing makes nonsubstantive changes to various rules, classifications, and tables. View the adoption order (PDF) for the full text. For other dates and documents related to this action, visit the NCCI Manual Rule Filings for 2022 webpage. |
P&C Industry News & Updates |
Texas bill would outlaw 'swoop and settle' insurance tactic after car crashes |
Just hours after 18-year-old Rayza Dominguez was involved in a rear-end car crash in Frisco, Texas, the phone rang. It was the other driver's insurance company. The insurance company told Dominguez it wanted to get money into her hands quickly so she could repair her car. Over the phone, Dominguez was offered $1,000. READ MORE>> |
How Climate Change Could Sink the US Real Estate Market |
Liz Greene hadn't originally intended to buy this house. She'd been looking at another one here in the River Haven subdivision, 20 miles northeast of Myrtle Beach, South Carolina. It had the same beige siding, the same slab foundation and still-growing-in yard, but it was in a location she liked better. At the last minute, though, the developer who built the subdivision slid her into this one. READ MORE>> |
Principal CEO on How the Banking Turmoil Could Hit Insurance Companies |
Principal Financial Group ’s decision to exit the annuity business will help limit the fallout on the company from the jitters that have rocked the financial industry over the past week, according to CEO Dan Houston. Turmoil has rippled through the banking sector since Silicon Valley Bank was closed by regulators last Friday amid a liquidity crisis. READ MORE>> |
|
