Senator Van de Putte files legislation re-regulating insurance rates
(AUSTIN, TX) -- Today, November 10, 2008, Senator Leticia Van de Putte (D-San Antonio) has filed legislation to help lower insurance rates for Texans.
The bill (S.B. 91) would require insurance companies to file rates with the Texas Department of Insurance (TDI), and only charge those rates with the commissioner's approval. The insurance market was deregulated in 2003 in an attempt to create competition and thus, lower rates. This legislation would move toward creating more oversight in the insurance market.
"When the legislature passed insurance reform policies in 2003, it was with the hope and constant assurance from the industry that lessening rate regulation would stimulate competition and lower premiums for Texans. It has now been five years, and Texans are still paying the highest premiums in the nation, almost twice the national average," said Van de Putte.
"The time is ripe to do more to help lower insurance rates. In these tough financial times, more and more people are struggling to make ends meet; creating accountability in the insurance market is the least we can do," said Senator Leticia Van de Putte. "I look forward to working with my colleagues in the House and Senate to do more for Texas families."