The deadline for the Texas Department of Insurance’s decision on a proposed 10% rate increase by the Texas Windstorm Insurance Association was pushed back Thursday by Texas Gov. Greg Abbott.
Abbott suspended a section of the Texas Insurance Code to provide the break. His aim is to provide more time for legislators to answer questions that the rate hike could potentially affect recovery efforts in the Gulf Coast.
"The actuarial soundness of TWIA is an important issue, but such a rate increase at this time would negatively impact the people of the Gulf Coast," Abbott wrote in a letter Thursday to Texas Insurance Commissioner Kent Sullivan.
Under the Texas Insurance Code, state legislators have until Oct. 15 to decide on the rate increase. If they don’t settle it before then, the rate would be considered approved, a press release from the governor’s office said.
Compliance with that deadline fails to provide the state legislature with enough time to address the rate increase during the upcoming session. A lengthy delay, Abbott said, could force a quick decision that would hinder recovery efforts from Harvey.
(Full story HERE)
POLL SHOWS ABBOTT WAY AHEAD, HIGH FAVORABLES
A new poll of likely voters from Quinnipiac University shows Republican Gov. Greg Abbott leads his Democratic challenger, former Dallas County Sheriff Lupe Valdez, by 19 points. Abbott leads former Dallas County Sheriff Lupe Valdez 58% to 39% among likely voters. The poll also showed that 62% of Texas likely voters approve of the job Abbott is doing and give him a 60% favorability rating.
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