Insurance commissioner hears objections to coastal policy surcharges, but says she must act
BEAUMONT, TEXAS -- Texas insurance commissioner Julia Rathgeber let the winds of disapproval blow through as speaker after speaker today voice strong opposition to possible surcharges on coastal home and car insurance policies to help pay for bonds to cover a catastrophic hit like a hurricane.
Rathgeber said state law requires her to assemble a plan to show lenders that Texas can repay bonds in case the state must borrow to cover claims in case another strike like Hurricane Ike hits the coast.
The Texas Department of Insurance was in Beaumont for the first of three public hearings to collect comment.
The next two are in Austin on March 3 and in Corpus Christi on March 5. People may submit written comments through March 10.
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State Reps. Joe Deshotel, D-Beaumont; Ed Thompson, R-Brazoria; and Todd Hunter, R-Corpus Christi all pleaded with Rathgeber to delay a decision to allow a legislative solution when the 2015 regular session begins in January.
More at http://www.beaumontenterprise.com/news/article/Insurance-commissioner-hears-objections-to-5265357.php .
