In Texas, the insurance coverage business is pushed by market forces together with demand for protection, the price of paying claims, and competitors among the many greater than 330 corporations promoting dwelling and auto insurance coverage. Every insurance coverage firm determines the charges it prices its policyholders.
Whereas the Texas Division of Insurance coverage (TDI) doesn’t set insurance coverage charges, yearly, our actuarial workers evaluate hundreds of fee filings made by insurance coverage corporations.
By June of 2024, TDI’s actuarial workers reviewed 1,313 fee filings. 78 filings had been rejected for technical causes, and one other 107 had been withdrawn by the businesses.
An insurance coverage firm may withdraw a fee submitting in the event that they:
- Want extra time to reply to TDI’s questions concerning the submitting.
- Are pressured to withdraw a submitting as a result of it doesn’t observe state legislation.
- Determine to make a brand new submitting at a distinct fee.
Of the 1,313 fee filings reviewed thus far this yr, TDI decided that 1,128 complied with Texas legislation. TDI workers had questions or requested corporations to offer extra data on 74% of filings.
That is the place most of TDI’s regulatory work on charges occurs—requiring insurance coverage corporations to offer extra data on incomplete or inadequate filings.
This evaluate course of saves shoppers on common greater than $32 million a yr.
