Home Page
Recreational Vehicle Auto Insurance Home Insurance Motorcycle Life and Health Insurance Business Insurance Contact Us Locations Get A Quote

Article in Insurance Journal
February 28, 2011

The Texas Department of Insurance has informed the director of the state’s property insurance company of last resort for wind in the state’s coastal counties that it is placing the organization under TDI’s administrative oversight.

In a Feb. 28, 2011, letter to Texas Windstorm Insurance Association General Manager Jim Oliver, Texas Insurance Commissioner Mike Geeslin laid out a number of reasons why regulators believe that TWIA management is not capable of operating the organization “in a safe and sound manner.”

Among other things, Geeslin said, information gathered by or submitted to TDI staff indicates that:

  • In multiple instances, an outside claims adjuster was paid for adjusting work that appears not to have been performed and that TWIA paid claims based on that outside adjuster’s recommendation;
  • TWIA management was aware of this and failed to report it in writing to the department’s insurance fraud unit within the required time frame after determining or suspecting a fraudulent insurance act had been committed; and
  • TWIA failed to adequately address issues identified through a financial examination and analysis conducted by TDI, which indicated a lack of adequate controls over accounting, personnel and material decisions affecting day-to-day operations, as well as communications with staff, the board of directors and the department.

Although TWIA’s continued operations will not be disrupted, Geeslin said the Association would remain under administrative oversight until “the Commissioner determines that TWIA has satisfied the specified requirements.”  (Read more on Insurance Journal Website Feb. 28, 2011)

Posted 2:03 PM  View Comments

Share |


No Comments


Post a Comment
Name
Required
E-Mail
Required (Not Displayed)
Comment
Required


All comments are moderated and stripped of HTML.
Submission Validation
Required
CAPTCHA
Change the CAPTCHA codeSpeak the CAPTCHA code
 
Enter the Validation Code from above.
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive


View Mobile Version
Get A Quote
Annuities
Automobile
Bonds
Business & Commercial
Farms
Flood
Health
Homeowners

Get A Quote 
Life
Limousine
Motorcycle
Recreational Vehicles
Renters
Trucking
Watercraft & Boat
Windstorm
Customer Service
Automobile
Business & Commercial
Flood
Homeowners
Life
Motorcycle
Other
Recreational Vehicles
Renters
Watercraft & Boat
Windstorm


Resources
Secure Login
Refer A Friend
Important Links
Insurance Glossary
About Us
About Alba Insurance
Agency
Location Map
Privacy Policy
Join Our Newsletter
Home  |  Make A Payment |  Contact Us
5022 Holly Rd. #108   |   Corpus Christi, TX 78411   |   361-854-6551   |   888-606-ALBA
Home Page RSS Home Page Make A Payment Contact null Google Plus