in Houston, Texas
Texas' government operated property insurance agency -- TWIA -- designed to help victims from Hurricanes like Ike, guilty of numerous infractions
Monday, Feb 28, 2011, 02:20PM CST
By Steve Miller
ike
An investigation by the Texas Department of Insurance has found that TWIA,  the state’s government-operated property insurance agency, “is in a condition that makes its continuation in business hazardous to the public or to its policyholders.”
 
In finding the Texas Windstorm Insurance Association guilty of numerous infractions, the state insurance oversight agency has placed TWIA under administrative oversight.
 
In a two-page statement today, TDI said that TWIA paid outside claims adjusters for work that was not performed, and that TWIA was aware of this and failed to report it to the appropriate state fraud unit. TDI also found that “TWIA has failed to adequately address issues identified through the recent financial examination…”
 
More to come...
 
***

Contact Steve Miller at 832-303-9420 or stevemiller@texaswatchdog.org.


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Comments
E.J.
Tuesday, 03/08/2011 - 12:59AM

Maybe if the TX Dept. of Insurance would regulate with the interests of the citizen in mind instead of according to those of the private insurance industry, they wouldn't have to form and operate a state-run insurer of last resort in the first place.

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