Governor Abbott issues letter to TDI, TWIA rate decision delayed.
In a letter to Insurance Commissioner Kent Sullivan dated October 11, 2018, Governor Abbott suspended a section of the Insurance Code which provides that the Commissioner must act on the annual TWIA rate filing by October 15, 2018. According to his letter, the Governor took this action pursuant to the continuing disaster declaration in place since August 2017, and most recently extended on October 5, 2018.
Specifically, the letter suspends Sec. 2210.352 of the Insurance Code which provides that the Commissioner must act on the annual TWIA rate filing by October 15, 2018, or the filing is deemed approved. The Governor suspended Section 2210.352 “ to the extent necessary to delay any decision to approve or disapprove the proposed rate increase, and any deemed approval of the proposed rate increase, until the Legislature has had a full opportunity to address the matter. This suspension shall remain in effect until June 16, 2019.” Read the Governor's letter here.
ICT is monitoring the situation and will provide further updates as needed.