TX | The Texas Department of Insurance has issued Commissioner’s Order No. 2024-8585.
Insurance Code Section 2211.056 requires the FAIR Plan to file with the commissioner of insurance proposed rates to be used in connection with the issuance of insurance policies or endorsements. Under this statute, the commissioner is required to approve or disapprove, in whole or in part, the proposed rates within 60 days of filing, with an additional 30-day extension upon written notice by the Texas Department of Insurance (TDI) to the FAIR Plan. This order addresses the proposed changes in the residential property insurance rates the FAIR Plan filed with TDI on December 28, 2023.
The original deadline for commissioner approval or disapproval was February 26, 2024,
subject to the 30-day extension. TDI extended the deadline, by letter dated February 21, 2024, to March 27, 2024. The FAIR Plan’s proposed effective date for these new filings is August 1, 2024.