JANUARY 2021
Surplus Line Reporter Texas
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Articles
TWIA rate filing rejected by TDI for lack of public notice
On Jan. 8, the Texas Department of Insurance notified the Texas Windstorm Insurance Association that the association’s Dec. 30 rate filing for a five percent increase in both commercial and residential rates was rejected. The basis for the denial was insufficient...
Texas 2020 surplus lines premium tops $7.9 billion
Surplus lines writings of $7.92 billion in Texas for 2020 represent a 13.98 percent increase compared with 2019, making it the highest year of surplus lines premium in Texas history, according to the Surplus Lines Stamping Office of Texas (SLTX). Each month of 2020,...
SLTX filers use new codes to distinguish personal lines
Starting Jan. 1, the Surplus Lines Stamping Office of Texas required agents and brokers to use new coverage and class codes that would distinguish commercial policies from personal lines policies filed with the agency. According to a Nov. 23 news release, the change...
London market brokers report rate increases, tight terms
London ViewsBy LEN WILKINSLondon CorrespondentBrokers Guy Carpenter, Willis and Howden have published reports recently on the January renewal season. As expected, rates increased, but insurers and reinsurers unexpectedly imposed restrictions on terms and conditions....
Wearable technology helps worker safety, return to work
As wearable technology becomes more widely used by consumers to text with friends or measure fitness activity, the devices are becoming more widely used across a wide range of industries to help with workers’ safety and return to work after an injury. Wearable...
Tomorrow: the ignorance of arrogance and the arrogance of ignorance
By MICHAEL G. MANES Manes and Associates As New Year 2021 follows 2020 (a year like no other), don’t continue to do what you always have done and expect a different result. Remember that is the definition of insanity. 2020 was unbelievable, but we survived by holding...
DWC extends COVID-19 data call for selected insurers
On Jan. 14, TDI’s Division of Workers’ Compensation extended the time frame for certain workers’ comp insurers to provide information related to COVID-19 injuries. The original data call was issued last June. DWC expects that the additional data will provide...
MarketScout tracks upward trend of P/C rates
Despite 2020 being one of the strangest years in recent history, the insurance industry continued to function efficiently, with U.S. property and casualty rates continuing their upward movement, according to MarketScout’s quarterly Market Barometer. The fourth quarter...
TDI’s 2020 enforcement orders met with hefty fines
Over the course of 2020, the Texas Department of Insurance levied $7.1 million in administrative penalties or fines through enforcement orders against insurers, brokers and agents. This amount does not include administrative penalties that were invoiced and paid...
NAIC celebrates 150th anniversary in 2021
In 2021, the National Association of Insurance Commissioners (NAIC) will celebrate its 150th anniversary. Since 1871, the NAIC has worked together with state insurance commissioners to regulate the industry. The NAIC touts its success as a protector of consumers while...
R Street gives Texas a ‘C’ for regulatory environment
Texas insurance regulation improved a notch when compared with other states, according to R Street Institute’s 2020 Insurance Regulation Report Card. Authored by R. J. Lehmann for the ninth year, the report provides an examination of the state-based system of...
The News In Brief
News In Brief
PEOPLE Bobby Ford, CNA, and Debra Richardson, retired professor, were honored by the National African-American Insurance Association Dallas-Fort Worth Chapter during its scholarship luncheon on Jan. 22. Ford is the underwriting consulting director/southern zone leader...