TDI to Hold Windstorm Hearing Oct. 25

The Texas Department of Insurance will hold a hearing on Oct. 25, 2006 at 10 a.m. to consider Docket No. 2660, a petition from the Texas Windstorm Insurance Association (Association) to suspend the rate change limitation of Texas Insurance Code Article 21.49 Section (h)(9), which provides that a rate established and authorized by the Commissioner for the Association may not reflect an average rate change that is more than 10 percent higher or lower than the rate for commercial or 10 percent higher or lower than the rate for noncommercial windstorm and hail insurance in effect on the date the filing is made.

The Commissioner of Insurance may suspend the requirement of Article 21.49 Section (h)(9) upon a finding that a catastrophe loss or series of occurrences resulting in losses in the catastrophe area justify a need to assure rate adequacy in the catastrophe area and also justify a need to assure availability of insurance outside the catastrophe area.

Also considered will be Docket No. 2661, a petition from the Texas Windstorm Insurance for proposed increases to the current maximum limits of liability for residential dwellings and individually owned townhouses; contents of an apartment, condominium, or townhouse; and commercial structures and associated contents for policies of windstorm and hail insurance.

The hearing will take place at the Texas Department of Insurance, Hobby Building, 333 Guadalupe, Hearing Room 100, Austin.

A Web cast of the hearing may be accessed via a link on the TDI Web site, www.tdi.state.tx.us/.

For more information contact: Judy.Woolley@tdi.state.tx.us.

Source: TDI