Texas Insurance Commissioner Jose Montemayor is prepared to immediately notify insurance companies they must provide the state with ratemaking data. According to the Houston Chronicle, an insurance bill recently filed by Texas Sen. Troy Fraser, R-Horseshoe Bay, that would give Montemayor 30 days to deliver a summary of the collected data to lawmakers is moving rapidly through the legislative process.
Homeowners insurance was designated an emergency issue by Gov. Rick Perry and legislators are now considering just how to control the rapid rise of homeowners rates. The Senate Business and Commerce Committee already sent Fraser’s bill to the full Senate, which could vote on it next week.
Ratemaking data for the summary would likely come from all of the large carriers and some of the smaller ones. The bill gives Montemayor the authority to determine whether the rates are just and reasonable.
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