TDI Schedules P/C Related Hearings for November

The Texas Department of Insurance (TDI) has scheduled a number of public hearings in November 2004 that may be of interest to property and casualty insurance professionals.

On Nov. 2 at 10:00 a.m., Docket No. 2602, concerning approval of the Texas Windstorm Insurance Association’s (Association) filing of proposed adjustments to the limits of liability for the Association’s policies of windstorm and hail insurance, will be considered.

On Nov. 30, at 10:00 a.m. Docket No. 2598, concerning approval of proposed new 28 TAC §8.4 involving hazardous conditions related to the issuance of workers’ compensation policies with negotiated deductibles and adoption by reference of the Texas Negotiated Deductible Workers’ Compensation Form, will be considered.

This proposed section is necessary to identify the conditions that may pose extraordinary risk to the solvency of insurers issuing these types of policies and to assure the integrity of such insurers’ financial statements filed with the Department. The new section is proposed under the Insurance Code Articles 1.32, 5.55C, 21.28-A, and §36.001.

The Department also will consider on Nov. 30 Docket No. 2604, approval of proposed new 28 TAC §§5.9310, 5.9320, 5.9330-5.9332, 5.9340-5.9342, 5.9350-5.9352, and 5.9355-5.9357 concerning filing requirements for residential property, personal automobile and various commercial lines of insurance, including requirements for filing certain underwriting guidelines and credit scoring models.

The proposed sections are necessary to implement and clarify the various filing requirements of insurers so that insurers will be able to make the necessary filings and be in compliance with the regulatory changes enacted by SB 14 and HB 1865. The new divisions and amended sections are proposed under Insurance Code Articles 5.06, 5.13, 5.13-2, 5.13-2C, 5.35, 5.41-3, 5.55, 5.57, 5.145, 21.49-2U, 21.50 and §§36.001 and 38.002.

The hearings will take place in Hearing Room 100 at the Texas Department of Insurance, Hobby Building, 333 Guadalupe, Austin.