Commercial Insurance
Highlights
Helpinsure Market Connection
- Free service to help connect consumers with agents and companies.
For more information - HelpInsure Market Connection | B-0002-10.
Private Mortgage Insurance (PMI)
- Learn more about what you need to know about PMI - Private Mortgage Insurance.
Filings (Form, Rate, & Rule)
- Actuarial Corner
- Filings Made Easy Guide, November 2011 Edition
- Filing Review Requirements Checklists
- Filing Approvals / Disapprovals
- Advisory Organization Reference Filings -- P&C Reference Filings
- SERFF - (System for Electronic Rate and Form Filings)
- Personal & Commercial Lines Contact Information
- Requesting P&C Filings / Information
Subscribe to Property & Casualty Bulletins via eNews.
- Bond Resources - Information relating to the various different types of bonds
- Certificates of Insurance
- Coastal Businesses - List of companies offering commercial property insurance along the Texas coast
- Commercial General Liability Insurance (CGL)
- Commercial Property Insurance
- Consolidated Insurance Programs (CIPs) - Stakeholder Notice | Concept
- GAP (Guarantee Auto Protection) Insurance Coverage
- Private Mortgage Insurance (PMI)
- Professional Liability - Medical Liability Shopping Guide
- List of Professional Liability Admitted Carriers in Texas
- JUA Resources
- Terrorism Risk Act of 2002 and Reauthorization Act of 2007
- Texas Windstorm Insurance Association Overview, January 18, 2013 Edition
- Texas Windstorm Insurance Association Resources
Related Links
| Help For | Toll-Free # |
|---|---|
| Consumers | 800-252-3439 |
| Injured Workers | 800-252-7031 |
| Reporting Arson | 877-434-7345 |
| Reporting Fraud | 800-252-3439 |
| Safety Violations | 800-452-9595 |
| [ tdi phone listings ] | |
| Help For | Link |
|---|---|
| Agents / Adjusters | |
| Filing Complaints | |
| Health Providers | |
| Media / Others | |
| Website Problems | |
| Favorite Links | |
|---|---|
| P&C Forms | All Other Forms |
| Agent Lookup | Company Lookup |
| Enforcements | TexasSure |
| TDI Jobs | TXCOMP Home |
| TDI StormLink | Windstorm |
| [ popular links · more lookups ] | |
For more information contact: CommercialPC@tdi.texas.gov
Last updated: 01/28/2013
Contact Information and Other Helpful Links
Translation by WorldLingo
Request for Informal Comments Relating to the Development of Rules Concerning Consolidated Insurance Programs and Information Provided to Contractors Enrolled in the Program
Informal Comments Requested by December 21, 2012.
The Texas Department of Insurance is considering a rule relating to the information insurers provide to general and sub-contractors enrolled in a consolidated insurance program (CIP), as defined in Section 151.001, Texas Insurance Code. The rule will apply to an insurer that issues a single general liability insurance policy to an owner or general contractor under a CIP for a single construction project or multiple construction projects. The proposed posting invites stakeholder comments concerning insurer requirements regarding the information provided to contractors enrolled in a CIP for general liability insurance, and the contractors’ timely receipt of information necessary to make insurance decisions affecting their business.The department invites your input concerning the following:
- the type of information an insurer should provide contractors, such as a copy of the general liability insurance policy or detailed summary of coverage
- how the insurer plans to provide the information
- when the insurer will provide the information to the contractor.
To expedite the process, please submit comments by 5 p.m. on December 21, 2012, via email to the address below.
In addition to receiving written comments, the department will hold a public stakeholder meeting at 9:30 a.m., Central Standard Time, on December 11, 2012 in Tower 3, Room 102, William P. Hobby Jr. State Office Building, 333 Guadalupe St., Austin, Texas. Interested stakeholders unable to attend in person may participate by teleconference:
(877) 226-9790
Access code: 9088183
(Press # to enter teleconference)
Thank you for your interest and assistance in this process. If you have any questions, please contact Mark Worman, Manager, Personal and Commercial Lines Form Filings Program, via telephone at 512-305-7544, via facsimile at 512-490-1014, or email at Mark.Worman@tdi.texas.gov.
Contact Information and Other Helpful Links
Translation by WorldLingo
Market ConnectionHelpinsure's Market Connection helps consumers, businesses and professionals find insurance by helping them connect with agents and companies that offer coverage. You may view a list of agents and companies participating in Market Connection to help your search or ask those agents and companies to contact you directly.Along with help finding residential property coverage, TDI now offers help with personal automobile, commercial automobile, commercial property, farm & ranch and farm and ranch owners, commercial liability, professional liability and surety bonds. Problem: It's tough finding coverage - you own a business and don't know a local agent who can write the insurance you need or maybe you have a home or business on the Texas Coast. Solution 1: Use Helpinsure's free and secure service to make your information available to agents and companies for 45 days. Just answer a short questionnaire and licensed agents and companies participating in Market Connection can review it and contact you in the way you designate -- by phone, mail, or e-mail. Solution 2: If you like a more hands-on approach then Search for Agents and Companies participating in Market Connection and use that list of participating agent and company contacts to shop for coverage. For Agent & Company Use Only For more information contact: PCMarketConnection@tdi.texas.gov |
Private Mortgage Insurance (PMI)
Indicates revision since last update.
If you have less than a 20% down payment when you purchase a home, you most likely will be required to purchase private mortgage insurance or PMI. PMI protects the lender on a conventional mortgage in the event the borrower defaults and the lender forecloses on the property. The premium for PMI is paid by the borrower and may be canceled once certain conditions are met. There are other variations of this type of insurance that may not be canceled if the mortgage is backed by the Federal Housing Administration (FHA) or the Department of Veterans Administration (VA).Your lender is required to notify you on an annual basis that it is possible to cancel PMI. This notification is often included with the information regarding the amount of interest you paid on the mortgage and the disbursements from your escrow account. There should be an address and telephone number to contact the lender along with the toll free number 1.800.252.3439 for the Texas Department of Insurance (TDI). The lender is your best source for details regarding what is necessary to cancel PMI. TDI does not maintain mortgage information.
The cost of PMI can be anywhere from ½ of 1% to almost 6% of the principal amount of the loan depending upon the down payment, the type of loan (fixed or adjustable interest rate), and term of the loan, as well as borrower's credit score(s).
Two different laws regarding the cancellation of PMI are:
- Texas Insurance Code, §§3502.201 - 3502.203 - Lender Powers and Duties (formerly Article 21.50, Sec. 1B), which is applicable to conventional mortgages effective prior to July 29, 1999; and
- The federal Homeowners Protection Act of 1998 - US Code, Title 12 - Chapter 49 (§§4901-4910) which is applicable to some mortgages effective July 29, 1999 or later.
For a conventional mortgage that was effective prior to July 29, 1999, and has not been refinanced, Texas Insurance Code, §§3502.201 - 3502.203 (formerly Article 21.50, Sec. 1B) requires:
(a) A lender that requires a borrower to purchase mortgage guaranty insurance shall provide annually to the borrower a copy of the following written notice printed in at least 10-point bold-face type:As noted above, in most cases borrowers have the right to cancel private mortgage insurance if the principal balance of your loan is 80 percent or less of the current fair market appraised value of your home. However, many lenders now seek having the principal balance reduced to 78% (rather than 80%), which has been suggested by Fannie Mae if you reside in the home, and from 65 to 70% for rental property. An appraisal will probably be required to cancel PMI. You may want to consider the valuation of similar properties in your neighborhood before expending the cost for a professional appraisal. Contact your lender first to determine what is required.
"NOTICE OF RIGHT TO CANCEL PRIVATE MORTGAGE INSURANCE: If you currently pay private mortgage insurance premiums, you may have the right to cancel the insurance and cease paying premiums. This would permit you to make a lower total monthly mortgage payment and to possibly receive a refund of any unearned premiums on the policy. In most cases, you have the right to cancel private mortgage insurance if the principal balance of your loan is 80 percent or less of the current fair market appraised value of your home. If you want to learn whether you are eligible to cancel this insurance, please contact us at (address and telephone number of lender) or the Texas Department of Insurance consumer help line at (the appropriate toll-free telephone number)."
Conventional Mortgages on or After July 29, 1999
Conventional mortgages effective July 29, 1999 or later are subject to the Homeowners Protection Act of 1998 (Act) which contains the following definitions:There are provisions regarding an automatic "termination date" based solely on the amortization schedule for the mortgage. According to the amortization schedule, termination of the PMI would occur when the principle balance of the mortgage, irrespective of the outstanding balance, is first scheduled to reach 78% of the original value of the property securing the loan. An exception to this would be for a high risk loan (as described in Chapter 49, Sec. 4902, (g)) where the principal must be reduced to 77% of the original value.
An option is also available for a "cancellation date" when the amortization schedule reaches 80% or the principal is paid down to 80% of the original value. You should obtain a copy of the amortization schedule from the lender, if this was not provided at closing.
Additional information regarding termination of private mortgage insurance can be found at http://uscode.house.gov/download/pls/12C49.txt
Complaints
Complaints regarding the lender refusing to have the insurance company cancel PMI after the required criteria has been met should be directed to the appropriate regulatory agency. The Texas Department of Banking regulates state banks, and has an excellent Regulator Referral List which can be found on its website at www.dob.texas.gov. Click on the "Consumer Assistance". If your complaint does not involve a state bank, click on "Entities Not Supervised". Included on this list is the Texas Office of the Attorney General, Consumer Protection Division, in case you are unable to determine who to contact.For mortgages obtained through the Farm Credit System, please contact the Farm Credit Administration at www.fca.gov and then select "Borrowers Rights".
If you have any other questions, please do not hesitate to contact the Personal and Commercial Lines Office of the Texas Department of Insurance at 512.305.6711 or CommercialPC@tdi.texas.gov.
For more information contact:
CommercialPC@tdi.texas.gov
Last updated: 12/14/201
Contact Information and Other Helpful Links
CommercialPC@tdi.texas.gov
Last updated: 12/14/201
Contact Information and Other Helpful Links
Translation by WorldLingo
The Actuarial Corner
TDI has developed this webpage to assist property and casualty insurers with the making and filing of rates. Our actuarial staff consolidated information from TDI’s website onto this page to assist your actuarial staff.- General Information for Filing Rates in Texas
- Tool Box – data compilations that are already available, in one convenient location
- Reports, Rate Guides, and Recent Residential Property Rate Filings
- Statute & Rule listing – a brief listing of the most often referenced statutes, rules and other online resources
- About P&C Actuarial
General Information for filing rates in Texas
Rate filings, and any supporting information filed, are public information subject to Chapter 552, Government Code. See Tex. Ins. Code § 2251.107. Rate filings for workers’ compensation, and any supporting information filed, are open to public inspection as of the date the filing is made. See Tex. Ins. Code § 2053.002.How do I make a filing?
To assist insurers, TDI has developed the Filings Made Easy Guide (FME Guide). The online version contains hot links to applicable statutes and rules.TDI has developed personal lines rate filing templates that include checklists and exhibits to assist insurers in making full and complete filings.
When do I make a rate filing?
- Companies must file rates regulated under Chapter 2251 and Chapter 2053 on or before the effective date.
- Companies must file Mortgage Guaranty rates (regulated under Chapter 3502) 15 days prior to use.
Where does my filing go?
- Intake Unit receives all rate, form, rule, and credit model filings.
- Personal Lines Section reviews personal lines form and rule filings.
- Commercial Property/Casualty Section reviews commercial lines, including workers' compensation, form and rule filings.
- Property & Casualty Actuarial Office reviews property and casualty rate and credit score model filings.
Who Acknowledges receipt of my filing?
The Intake Unit issues acknowledgment letters for rate only filings and credit model filings. For any filing containing forms or manual rules, either the Personal Lines Section or the Commercial Property/Casualty Section issues acknowledgement letters.Contact Information and Other Helpful Links
Translation by WorldLingo
Lewis Insurance
2525 S. Lamar Ste 11
Austin, TX
78704
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