Saturday, June 25, 2016

Hearing on the use of Arbitration with the Texas Department of Insurance Companies

Texas insurance companies have asked the Texas Department of Insurance to allow them to entice consumers with mandatory binding arbitration in exchange for a discount on their premiums. Instead of focusing their limited resources on lowering record high premiums for homeowners, the TDI will  focus on helping the insurance industry prey upon consumers looking for a break.

Selecting an alternative dispute resolution is a legal matter and should be performed only after consulting with an attorney. Consumers should not make this decision and the TDI should not allow the industry to prey upon those who are looking for a reduction in premiums.

From the TDI:

Docket No. 2788 - Notice of Public Meeting 

Location: William P. Hobby Jr. State Office Building  
333 Guadalupe, Room 100 
Austin, TX
July 06, 2016 
9:30 a.m. - 5:00 p.m. 
The commissioner of insurance will hold a public meeting to receive written and oral comments relating to mandatory mediation-arbitration endorsements. The endorsement would be attached to a homeowners policy at the policyholder's option, with a premium discount.
If you wish to provide written comments, please provide two copies no later than 5 p.m., Central time, July 6, 2016. Send one copy by email to chiefclerk@tdi.texas.gov, or by mail to the Texas Department of Insurance, Office of the Chief Clerk, Mail Code 113-2A, P.O. Box 149104, Austin, Texas 78714-9104. Send the other copy to Marilyn Hamilton by email at marilyn.hamilton@tdi.texas.gov, or by mail to the Texas Department of Insurance, Property and Casualty Lines Office, Mail Code 104-PC, P.O. Box 149104, Austin, Texas 78714-9104.

Indicates that event is scheduled to be available by a live broadcast Link to Live Webcast [Link to audio will be live shortly before the meeting begins.].


For more information contact: ChiefClerk@tdi.texas.gov
 

5 comments:

Unknown said...

So consumers should consult with the very attorneys who are largely responsible for driving up premiums through irresponsible lawsuits?

Bay Area Houston said...

No. Not at all. The option to use arbitration is already available. If you think the lawyers are driving up costs, then you have the right to opt for arbitration at any point in time that you wish. You should read about mandatory binding arbitration before opening your pie hole.

Unknown said...

Thanks John for keeping it classy. I'm familiar with how arbitration works. I'm in favor of presenting options to consumers who can choose what's best for them.

Bay Area Houston said...

Doesn't work when you are ignorant. Most consumers are.

Bay Area Houston said...

The only people who like the pre-dispute mandatory binding arbitration clause either works for the industry or is ignorant of the facts. Or both.