The Texas Department of Insurance (TDI) has cautioned insurers against improper underwriting activities in the wake of Hurricane Harvey. Specifically, TDI issued Commissioner’s Bulletin # B-0032017 on September 21, 2017, which reminds insurers of certain underwriting laws and regulations applicable to personal automobile and residential property insurance that are particularly relevant in the aftermath of a major tropical weather system. Among the laws and regulations noted in the Bulletin are:
The Bulletin concludes with a warning that “[i]nsurers that do not comply with statutory requirements are subject to enforcement action”. This TDI underwriting Bulletin is in addition TDI’s separate warning against unauthorized market withdrawals, which we reported here.
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