Top Texas P&C News from the Week
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News for the week of August 7, 2023

 
 

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ICT News & Updates

ICT Releases 2022-2023 Annual Report

The Insurance Council of Texas (ICT) recently released their  ICT 2022-2023 Annual Report which provides a comprehensive overview of the achievements, milestones, and key initiatives undertaken by ICT over the past year.

 

The report provides insights and information about our efforts on behalf of the Texas property and casualty industry.

 

Some Key highlights from 2022-2023:

  • Advocacy and Representation Efforts on behalf of the industry
  • Outreach and Education on insurance issues and life safety programs
  • Events, Meetings and Member Engagement
  • ICT’s Financial Performance

This report allows our members and stakeholders to explore ICT’s successful advocacy efforts aimed at promoting fair and responsible insurance practices, learn about the outreach and educational programs ICT conducted to enhance public awareness of insurance-related matters and review how ICT is maintaining a strong financial position.

 

READ REPORT>>

 

ICT’s Executive Director to Speak at FINREP

Embarking on its second successful year in the Lone Star State, FINREP boasts an impressive assembly of speakers. Among them are industry leaders Cassie Brown, Commissioner of the Texas Department of Insurance; Stuart Harbour, CFO of the Texas Windstorm Insurance Association; Albert Betts, Executive Director of the Insurance Council of Texas; and John D’Amato, CFO of the Texas Property & Casualty Insurance Guaranty Association, along with other distinguished figures.

 

Elevate your expertise while earning valuable continuing professional education credits (CPE). Delve into a diverse range of topics including legislative updates, reinsurance dynamics, insolvency insights, residual market trends, inflation's influence, ORSA considerations, and much more.

 

Secure your spot at this remarkable event by registering here. And remember to secure your accommodation through the designated group block before availability runs out!

 
 

TDI News & Updates

ICT Submits Comments on Filing Made Easy Rules

Angie Cervantes, Insurance Council of Texas

ICT, along with AFACT, submitted comments on TDI's proposed amendments to the Filing Made Easy (FME) Rules.

 

The comments included:

 

  • objection to the requirement that insurers must incorporate the provisions of all associated mandatory endorsements that it uses or plans to use at the time of filing
  • objection to adding new categories of supporting information for third-party data and model information
  • concern to the changes in the rule that prohibit certain documents in filing to be either encrypted or password protected 
  •  concern with the prohibition of the use of scanned documents 

 

TDI proposed an informal draft of the revised FME Rules in April 2022 and ICT also submitted comments on the informal proposal. ICT's comments can be found on ICT's Info Hub.

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Thanks to the generosity of Park Hill Fine Art Portraits and the Hilton Anatole in Dallas, we have a beautiful gift package to give away to one lucky donor!

Donate $250 or more to the ICT Education Foundation between Aug. 3 and Aug. 18, 2023 you will be entered into a drawing for a one night stay at the Hilton Anatole- Dallas and a photography session experience at Park Hill Fine Art Portraits.

 

The session includes:

 

  • Photography sitting
  • Cinematic viewing of the images.
  • Winner will choose their preferred image.
  • Using the portrait of choice, a commissioned artist will create a museum quality, 14" x 11' heirloom painting for your home. (The certificate can be applied toward a larger size if desired.)


Last year was a record-breaking year for the Foundation. Thanks to the generous support of individual donors and our corporate sponsors we raised over $115,000 to support students and risk management and insurance programs at our partner universities. With your help we hope to continue making an impact on the lives of students throughout Texas who are pursuing a career in the property and casualty industry. 

 

On behalf of the ICT Education Foundation and our board of trustees, our sincere appreciation to you for your generous support and commitment to insurance education! Your support sustains our mission and makes a lasting difference by developing the future leaders of the insurance industry!

 

Thank you!

The ICT  Education Foundation Team

 
 

DWC News & Updates

DWC Adopts Medical Quality Review Panel Changes in Texas Administrative Code

Kara Mace, General Counsel 

The Texas Department of Insurance, Division of Workers’ Compensation (DWC) adopted amended Title 28, Texas Administrative Code (TAC) Sections 180.64, 180.66, 180.68, 180.72, and 180.76, concerning the Medical Quality Review Panel (MQRP), to:

 

• Conform with related rules and practices.

• Clarify the amount of notice to which a respondent is entitled before an informal settlement conference (ISC). 

• Clarify that DWC may conduct an ISC remotely or in person.  

• Make editorial changes for plain language and agency style.  

 

DWC also repealed 28 TAC Section 180.78, concerning the effective date of the subchapter, because it was no longer necessary.   DWC made minor clarifying changes to the text in response a public comment.  

 

The adoption order will be published in the August 18, 2023, issue of the Texas Register and available here once published. The adoption order and the associated document that details the MQRP process are also on the TDI website. 

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TWIA News & Updates

ICT Submits Comments on TWIA Rate Filing

Angie Cervantes, Insurance Council of Texas

The TWIA Board of Directors is meeting on Tuesday, August 8 to consider TWIA's statutorily required annual rate filing for 2024 policies. ICT, in conjunction with AFACT, submitted comments urging the TWIA board to approve a 5% increase in residential rates and an 8% increase in commercial rates for 2024. This is consistent with the TWIA Actuarial & Underwriting Committee's recommendation to the Board. 

 

Members of the Texas House coastal legislative delegation and Senator Mayes Middleton submitted comments against any rate increase. 

 

As a reminder, TWIA's 2023 Rate Adequacy Analysis indicated that TWIA's current rates are inadequate by 20% for residential coverage and 22% for commercial coverage. 

 

ICT will keep members informed of the TWIA Board's decision and provide a full recap of the meeting on its member Info Hub. 

 

ICT's Info Hub>>

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P&C Industry News & Updates

Texas welcomes the most disaster-displaced Americans

Brittney Meredith-Miller, PropertyCasualty360

As many as 3 million Americans were displaced by natural disasters during the last year, according to an analysis of Census Bureau date from HireAHelper. While most disaster displacements are temporary, 18% of those 3 million Americans (about 533,000 people) had yet to return home as of May 2023.

 

The length of displacements due to extreme weather vary, but most tend to be short-term, with 33% lasting less than a week and 31% lasting one week to one month. Just under 89,000 people reported making a permanent move after a natural disaster in the last 12 months.

 

READ MORE>>

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Multifamily insurance rates are up as much as 28%

Erik Sherman, PropertyCasualty360

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As GlobeSt.com has previously reported, higher financing costs are not the only fiscal strain on CRE in general and multifamily specifically. Operating expenses have risen sharply and are unlikely to recede with a receding inflation tide. Prices will stay up.

 

That’s bad news for many operators because the increases pare away at net operating income, which puts pressure on debt service coverage ratio. That makes lenders uncomfortable and can derail attempts to refinance.

 

READ MORE>>

 

Resilience Cyber Insurance Solutions raises $100 million

Business Insurance 

Resilience Cyber Insurance Solutions LLC said Monday it had secured $100 million in series D funding led by Intact Ventures, an affiliate of Resilience’s primary capacity provider, Intact Insurance.

 

The funding will be used to accelerate the expansion and scaling of the Resilience cyber risk platform, the company said in a statement.

 

Resilience, which said it had raised more than $225 million in prior funding, serves primary and excess insurance buyers in the U.S., Canada and Europe.

The cyber insurer, which was founded in 2016, had said in June it was expanding into Europe.

 

Intact Ventures is a member of Intact Financial Corp., the largest provider of property/casualty insurance in Canada.

 

READ MORE>>

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