The Texas Department of Insurance has extended the period in which recent rate increase request by the Texas Automobile Insurance Plan Association (TAIPA) may be approved.
TAIPA, the state’s auto insurer of last resort, on Sept. 11, 2019, filed a request for a 4.9% increase in private passenger automobile rates and a 4.8% increase in commercial automobile rates, TDI said. The proposed effective date for new and renewal business is Feb. 1, 2020.
The Commissioner of Insurance will review the filing to determine if TAIPA’s proposed rates are just, reasonable, adequate, not excessive, not confiscatory, and not unfairly discriminatory for the risks covered. TAIPA’s proposed rates must also be sufficient to carry all claims to maturity and meet the expenses incurred in writing and servicing the business.
The period by which the filing must be approved or disapproved by 30 days has been extended. The filing must now be approved or disapproved no later than Nov. 10, 2019.
The rate filing may be found online at www.tdi.texas.gov/rules/2018/exrules.html.
To comment on the rate filing, send written comments by email to ChiefClerk@tdi.texas.gov, or by mail to the Office of the Chief Clerk, Mail Code 112-2A, Texas Department of Insurance, P. O. Box 149104, Austin, Texas 78714- 9104.
Hand-delivered comments must be directed to the Office of the Chief Clerk, Texas Department of Insurance, 333 Guadalupe Street, Austin, Texas 78701, and can be delivered during regular business hours. Your comments must be received by 5 p.m. central time on Oct. 18, 2019.
Source: TDI
Topics Trends Carriers Texas Auto Pricing Trends
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