Texas Review Board Says Insurance Department Works, Offers Changes
Texas / South Central News • May 22, 2008
Staff of the Texas Sunset Advisory Commission says the Texas Department of Insurance functions well but that the state's "overall approach to insurance regulation," may need tweaking.
State ...
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Subject: Texas Review Bord.
Posted On: May 22, 2008, 2:38 pm CDT
Posted By: WAYNE
Comment:
I am very surprised that the review board has almost negitive results. As an agent of 23 years I very much dishartened by the lack luster and poor performance of the Review Bord. I feel that the review should be every 4 years in order to better attend to economic changes and needs of insureds in Texas. I feel that the Review Bord needs a review itself. Why has TDI stood back and done nothing as the insurance companies are moving their regulated business to non regulated county mutuals and thus eliminate the effectiveness of TDI. The write your own ruel has also put the consumer and the agents in a very vulnerable position. It it almost impossable for the agent or consumer to compare policies and coverages in a resonable time and manor. I believe that credit scoreing and other rateing criteria is being used to manipulate pricing without TDI review unfairly and unjustly. The credit companies in Texas like Trans Union are doing a very poor job in making sure credit entries are justified and correct. Credit scoring methods should be esily available to and understood by the consumer as it it not today. Credit reporting needs to be overhauled now. TDI is knowingl allowing corrupt data to
be used by the credit reporting companies and the insurance companies. Replacement cost is another abused criteria in use in rate structure that companies adjust regularly to raise rates. This has been admitted most of the carriers in Texas and it is evident, yet TDI does nothing. I just can't believe that our legeslators have neglected the rights of Texas consumers for so long. The consmers who need the protection the most are being hurt the most. Insurance companies are reporting record profits even though they are using corrupt data to support their reports. The write your own is the most detrimental change for the consumer that has come out of TDI in recent history. It is time that evry agent speak out. Agents and insurance employees need an reportng avenue that is anonyous. This is the only way that they can be protected from reprisal for reporting unlawful and unethical activities. It is time for an elected position for the TDI Commesioner. In no other way will the Insurance industry in Texas be cleaned up.
Subject: Texas Review Bord.
be used by the credit reporting companies and the insurance companies. Replacement cost is another abused criteria in use in rate structure that companies adjust regularly to raise rates. This has been admitted most of the carriers in Texas and it is evident, yet TDI does nothing. I just can't believe that our legeslators have neglected the rights of Texas consumers for so long. The consmers who need the protection the most are being hurt the most. Insurance companies are reporting record profits even though they are using corrupt data to support their reports. The write your own is the most detrimental change for the consumer that has come out of TDI in recent history. It is time that evry agent speak out. Agents and insurance employees need an reportng avenue that is anonyous. This is the only way that they can be protected from reprisal for reporting unlawful and unethical activities. It is time for an elected position for the TDI Commesioner. In no other way will the Insurance industry in Texas be cleaned up.