A special data call for the top 10 auto insurance groups in Texas may be on the horizon. On June 26, 2020, the Texas Office of Public Insurance Counsel (OPIC) issued a letter to the Texas Department of Insurance (TDI) requesting a special data call due to the impact of the Coronavirus pandemic on auto insurance-related risks. OPIC is an independent agency that represents the interests of insurance consumers in this state and which “may assess the impact of insurance rates, rules, and forms on insurance consumers” pursuant to Texas Insurance Code Chapter 501. While OPIC does not have the power to issue the data request on its own, OPIC has asked TDI to use its powers to issue the request.
In making the request to TDI, OPIC cites evidence indicating that total vehicle crashes in Texas have declined by 42% in the first week of June 2020 as compared to the first week in March 2020. OPIC also cites to Texas Insurance Code Section 2251.052(a) which requires insurers to consider “past and prospective loss experience” when determining rates. While OPIC states that the data call could be issued by July 15, 2020 with an initial reporting deadline of July 31, 2010 and on-going supplements thereafter, TDI would ultimately set the timeframes should a data call be issued. OPIC’s letter to TDI can be found here.
The post Texas Department of Insurance Mulls COVID-19 Data Call for Auto Insurers appeared first on Texas Regulatory Update.
Visit our Texas Regulatory Update Blog for the latest news and developments.Visit the blog
Sign up for our newsletter and get the latest to your inbox.