Current Texas Insurance Commissioner Cassie Brown announced this week that she will be retiring on February 2. Brown has led the Texas Department of Insurance (TDI) for the past four years, and her tenure with TDI has spanned many more. Before serving as commissioner, Brown was the commissioner of TDI’s
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Texas Department of Insurance Adopts New Group Capital Calculation Rule
The Texas Department of Insurance (“TDI”) adopted a new group capital calculation filing requirement that is effective on November 7, 2022. The new rule, found in 28 Texas Administrative Code §7.215 (“Section 7.215”), is based on the National Association Insurance Commissioners (“NAIC”) model regulation that requires an insurer’s ultimate control person in an insurance holding company system to file a group capital calculation concurrently with the insurer’s annual registration (Form B).
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Texas Supreme Court Reverses Stop Loss Insurance Categorization Premium Tax Ruling
On June 17, 2022, the Texas Supreme Court released an opinion in Hegar v. Health Care Serv. Corp. (No. 21-0080) (Jun 17, 2022) regarding whether the Comptroller properly taxed an insurer based on premiums it received from sales of stop-loss insurance policies under Texas Insurance Code Chapters 222 and 257.
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New Texas Reinsurance Rules for Reciprocal Insurers Take Effect
The Texas Department of Insurance (“TDI”) adopted new administrative rules for reciprocal reinsurers that took effect on January 1, 2022. According to TDI, the goal of the new reinsurance regulations is to “ensure TDI retains its authority to regulate credit for reinsurance matters associated with covered agreements, align TDI’s rules with the current approach to regulate reserve financing arrangements for certain life insurance policies, and align TDI’s rules with updates to the National Association of Insurance Commissioners’ (NAIC) accreditation requirements.”
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California’s New Mini-CFPB Law Largely Parallels Its Federal Cousin
Atlanta Partner Brian Casey, Co-Chair of Locke Lord’s Regulatory and Transactional Insurance Practice, and Austin Senior Counsel Jon Gillum co-authored an article for Insurance Journal discussing California’s recently adopted amendments to its financial code, resulting in what is now known as the California Consumer Financial Protection Law (CFPL).
Read More California’s New Mini-CFPB Law Largely Parallels Its Federal Cousin
Texas Insurance Commissioner Kent Sullivan Steps Down
Texas Insurance Commissioner Sullivan has announced his resignation following a three-year tenure at the agency.
Read More Texas Insurance Commissioner Kent Sullivan Steps Down
Texas Department of Insurance Mulls COVID-19 Data Call for Auto Insurers
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.
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Okla. Ruling Highlights Nuances In Drafting Service Contracts
Atlanta Partner Brian Casey and Austin Senior Counsel Jon Gillum co-authored an article for Law360 examining the Oklahoma Supreme Court opinion in Sparks v. Old Republic Hoe Protection Co. Inc. which held that what appeared (and was likely intended) to be a service contract was actually an insurance contract by way of also being a warranty, thereby preventing enforcement of an arbitration clause in the contract.
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Texas Department of Insurance Eliminates 2020 Corporate Governance Disclosure Requirement
In the midst of the Coronavirus outbreak, the Texas Department of Insurance (TDI) has announced that it will not require insurers or HMOs to file a corporate governance annual disclosure this year.
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Texas Department of Insurance Announces Extension of Claims Handling Deadlines Due to COVID-19
The Texas Department of Insurance (TDI) has announced that the claims-handling deadlines imposed by Texas prompt-payment laws are extended by 15 days. The extension will assist carriers in responding to the Coronavirus pandemic and results from the combined operation of actions taken by Texas Governor Greg Abbott and Texas Insurance Commissioner Kent Sullivan.
Read More Texas Department of Insurance Announces Extension of Claims Handling Deadlines Due to COVID-19