The Texas Senate passed legislation that requires all insurers writing residential property insurance to make a one-time data report to the insurance commissioner for use in a report to the legislature on underwriting. Insurers must include in the report information related to the use of credit scoring and the methodologies used to determine a score.
“The first step in solving the insurance crisis is to make certain we have all the facts,” said Donald Hanson, southwest regional manager for the National Association of Independent Insurers (NAII). “Senate approval of SB 310 is meaningful progress to ensure Texas insurance regulators have the data they need. I think it is an important move in returning competition and stability to the Texas insurance market.”
The bill will next go to the Texas House of Representatives for consideration.
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