Tag: Texas Department of Insurance

MetLife and Too Big To Fail

In January, MetLife, the largest insurance company by assets, was deemed as systemically important, or “too big to fail,” by the Financial Stability Oversight Council. In other words, regulators believe MetLife is so big (over $902 billion in assets) and entwined with the financial system that it could threaten the economy if it collapsed similar to what we saw happen with AIG in 2008.

Read More »

Texas Home Insurance Claims

Texas home insurance rates continue to climb and remain the highest in the country. There are two broad reasons most insurance companies give for our high rates; weather and increases in the cost of claims. With that in mind, I thought it was time to revisit the top four home insurance claim types, as well as where they are occurring geographically.

Read More »

Proposed Changes for Texas Wind Insurance

People who live in the counties along the Texas coast usually have a policy that’s unfamiliar to most homeowners in north Texas. In addition to home insurance, most homeowners in the coastal counties of Texas will also have a separate wind insurance policy. This policy specifically addresses damage to a home caused by high winds normally associated with a hurricane.

Read More »

Unethical Insurance Agent Practices

A few weeks ago, an insurance broker made the national news. His name is Jerry Goldman and he was the insurance broker for Tom Hanks and his wife Rita Wilson. Goldman pleaded guilty to mail fraud for overcharging Hanks and Wilson hundreds of thousands of dollars in excess premiums. Over a 13 year period, Jerry Goldman inflated premiums as much as 600% and presented phony invoices to hide the overcharges. He was sentenced to 27 months in prison and ordered to pay about $840,000 in restitution.

Read More »

Dallas County Tops in Texas with Uninsured Drivers

The Texas Department of Insurance recently released a report detailing the number of people driving without coverage. The good news is the number of Texans driving without car insurance is still lower than it was a few years ago when it was over 20% of all Dallas drivers. The current figures show 1 in 6 people on Dallas roadways don’t have car insurance and this number is even higher than it was last year.

Read More »

The Worst Car Insurance Policy in Texas

You are in your car, stopped at a red light patiently waiting for it to turn green so you can get to your destination. A car zooms up behind you and rear ends you. Maybe the driver wasn’t paying attention, was texting, or some other equally frustrating reason the driver didn’t stop. You know your car sustained significant damage just from the force of the impact.

Read More »

4 Suggestions for Texas’ new Insurance Commissioner

Outgoing Texas Insurance Commissioner, Eleanor Kitzman, vacated her office on Monday, May 27th when Texas State Senators blocked her from another two year term. Governor Rick Perry quickly appointed Kitzman’s replacement, Julia Rathgeber who until May 27th had been Lt. Governor David Dewhurst deputy chief of staff. Prior to serving as Dewhurst’s deputy chief of staff, Rathgeber served as a Director of Research for the Texas General Land Office and also as former division head for the Texas Natural Resource Conservation Commission.

Read More »

Should Our Taxes Pay For Consumer Protection?

?Texas funds two insurance related agencies through our property taxes and other taxes that are levied on individuals and businesses; The Texas Department of Insurance and The Texas Office of Public Insurance Counsel. The roles of these two agencies differ in some key areas and converge where most Texans are concerned.

Read More »