The Texas Department of Insurance has issued a bulletin reminding all regulated entities, their agents, and their representatives that they are responsible for the accuracy of the data used in rating, underwriting, and claims handling – even if the data is provided by a third party.
TDI said it may pursue enforcement action against an insurer if its use of inaccurate data harms policyholders. Insurers are encouraged to provide policyholders with a way to review and correct data being used by the insurer.
Questions regarding bulletin #B-0036-20 may be addressed to the Property and Casualty Actuarial Office at PCActuarial@tdi.texas.gov.
Source: TDI
Topics Data Driven Carriers Texas Agencies
Was this article valuable?
Here are more articles you may enjoy.
Oil Trader CFOs Say Hormuz Closure Driving Wave of Disputes 
State Farm Agrees to $15M Settlement for Underpaid Vehicle Claims 
Florida Needs More – Much More – Wind Mitigation, Say Experts at OIR Summit 
Are ‘Moderate’ Hurricanes Getting Squeezed Out of the Atlantic? 
