Many of the largest auto insurance companies in Texas will be raising their rates as a result of losses and new liability limits that will have been implemented with the start of this year. Several of the insurers are citing the new liability limit rules exclusively as the cause of their increases. According to Mark Hanna from the industry trade group called the Insurance Council of Texas, these regulations require that drivers within the state must carry policies that will provide coverage for up to $25,000 for property damage per…
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Over 20 percent of drivers in Texas aren’t insured
In Texas, more than 1 in every 5 drivers does not have adequate auto insurance to comply with the laws within that state. According to a recent report by the Texas Department of Insurance, 21.6 percent of all of the drivers in the state were operating their vehicles while uninsured. Dallas County had the largest number of uninsured drivers among the most populated counties in the state, with 24.1 percent of its drivers lacking insurance. Bexar county followed closely behind with 22.9 percent of drivers being uninsured. In the entire…
Read MoreTexas Department of Insurance receives long awaited extension
Lawmakers in Texas voted to extend the longevity of the state’s Department of Insurance. The department will also enjoy more authority over the insurance industry and will be able to impose stricter penalties when companies challenge the agency’s rate assertions and lose. The relevance of the Department had been debated for some time before a decision was reached Monday. Many legislators say that the ruling was long overdue. According to Texas law, state agencies must be evaluated for effectiveness every 12 years. Legislators determine whether these agencies provide a necessary…
Read MorePro business Texas insurance bill passes
The Senate of Texas has passed a new insurance bill that has been the subject of a great amount of controversy. The bill will extend the life of the Texas Department of Insurance and will impose stricter guidelines on the agency itself. Previous to the bill’s passage, a number of amendments were proposed to make the legislation more consumer friendly. Each amendment was rejected, however, as they were deemed unfruitful to the state’s insurance industry. The state’s Democrats were behind the amendments to the bill. They argue that their propositions…
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