Declarations

Tools to Intervene

“The Texas insurance companies remain well-capitalized. … There has been no bankruptcy filing by the parent company. In the event of any changes in the status of the parent company, our state laws provide us with tools to intervene.”

—Texas Insurance Commissioner Mike Geeslin said the Texas Department of Insurance continues to closely monitor the financial status of the American International Group Inc. (AIG) in light of national media reports on the company’s troubles. Reuters recently reported AIG and U.S. authorities are discussing a restructuring plan to split the insurer into at least three government-controlled divisions in an attempt to keep it afloat. Geeslin said TDI is prepared for prompt action to protect AIG’s insurance policyholders as needed. In the meantime, policyholders are cautioned to be aware that some policies may contain surrender charges and/or penalties if they are cancelled.

The Veto Pen

“If it wasn’t for Gov. Brad Henry and his veto pen, this state would have had significant lawsuit reform years ago.”

—Oklahoma State Rep. Dan Sullivan R-Tulsa, author of House Bill 1603, a comprehensive lawsuit reform package. The bill, which is similar to one Gov. Brad Henry vetoed in 2007, has passed committee and moved to the full House. Sullivan said the bill would cap non-economic damages; require an expert witness for pre-certification of a lawsuit; and eliminate joint and several liability, among other reforms.

Concrete or Aircraft?

“It hit the sunroof and bounced down the back side of the car. … I thought a small aircraft had fallen on me. If it had happened a second sooner, it could have come through the windshield.”

—Mary Selle, a driver in Oklahoma whose car was hit by a chunk of concrete as she drove under a bridge in Tulsa last August. Selle is one of 26 people who has filed claims against the state involving falling concrete since June 2004, when a football-sized piece of concrete fell from a bridge and crashed through Yvonna Osborn’s windshield while she was driving home on Interstate 35. The 52-year-old Irving, Texas, mother of two died of massive head injuries, and state transportation workers quickly began examining bridges statewide to see if any other structures were in danger of shedding deadly chunks. It is estimated that one-fourth of the bridges in Oklahoma are structurally deficient. AP

A ‘Do Not Call’ List – For Accidents

“It’s kind of like a ‘do not call’ list.”

—Arkansas State Sen. Denny Altes, R-Fort Smith, has filed a bill to restrict the release of the reports for 90 days after a traffic accident. Altes said his proposal is aimed at companies that may use the reports to solicit business from accident victims. The bill, which passed 20-2 in the Senate with 13 members not voting, includes exemptions for the media and those involved in the accident. AP

Topics Texas Oklahoma AIG