The Texas Department of Insurance Adopts New Reinsurance Rules
December 17, 2021
by Burnie Burner
The Texas Department of Insurance has taken the next step in implementing the Covered Agreement requirement by adopting rules relating to reciprocal reinsurers with the effective date of the rule on January 1, 2022. S.B. 1689 which adds the reciprocal reinsurer provisions to Texas law will become…
New Mandatory Data Call for Texas-Licensed P&C Insurers
September 8, 2021
by Julie M. Pomerantz
On September 7, 2021, the Texas Department of Insurance (“TDI”) issued a mandatory data call to collect information about “disallowed expenses.” Disallowed expenses are certain administrative, operating, and other expenses incurred by an insurer that cannot be factored into the insurer’s rates, and…
Insurers Are No Longer Required to File Rates and Forms for Certain Commercial Risks in Texas
September 7, 2021
by Julie M. Pomerantz
On September 1, 2021, Texas SB 1367 went into effect, exempting certain lines of commercial property and casualty insurance from rate and form filings, as summarized below. In other words, Insurers are no longer required to file rates and forms with TDI for certain commercial risks. Please note…
LEGAL ALERT: Big Licensing Changes for Texas Insurance Professionals
September 2, 2021
by Julie M. Pomerantz
On September 1, 2021, Texas HB 4030 went into effect, bringing with it several significant changes for Texas licensed (resident and non-resident) insurance professionals. As summarized below, HB 4030 implements several changes to the Texas Insurance Code. The changes affect subagent designations…
Costs of Wild Fires, Extreme Heat and Floods: California Department of Insurance Report Examines Climate Insurance
The California Department of Insurance (“CDI”) issued a report titled: Protecting Communities, Preserving Nature and Building Resiliency – How First-of-its-Kind Climate Insurance Will Help Combat the Cost of Wildfires, Extreme Heat and Floods (“Report”) The recommendations in the Report were…