Texas Selects Insurance Services Office as Statistical Agent for Cat Event Plan
Texas has selected Insurance Services Office Inc. (ISO) as the statistical agent for the Texas Catastrophe Event Statistical Plan for Personal and Commercial Risks.
ISO’s selection follows the Sept. 15, 2020, insurance commissioner’s Order No. 6467 adopting 28 TAC § 5.9502, which adopts the Texas Catastrophe Event Statistical Plan for Personal and Commercial Risks (statistical plan) by reference.
The statistical plan’s purpose is to:
- enhance efficiency and predictability for insurers and the Texas Department of Insurance (TDI)
- allow for better experience comparisons by TDI and the industry in general
- ensure that TDI has consistent, reliable information to evaluate the insurance market’s health after a catastrophe
- assist TDI in swiftly compiling complex data
- allow for more timely analysis by TDI
- provide information about the effect of catastrophe events to policymakers.
On July 14, 2020, the Texas Department of Insurance (TDI) on July 14 posted notice seeking applicants to apply for the statistical agent position. Two applications were received by the Aug. 3 deadline: one from ISO and one from Texas Insurance Checking Office (TICO).
ISO has been collecting and compiling commercial lines statistical data in Texas for almost 25 years, according to TDI. ISO also is a statistical agent for many lines of property/casualty insurance throughout the U.S. and as statistical agent in 54 jurisdictions, the insurance department said.
Source: Texas Department of Insurance
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