NU Online News Service, July 8, 10:22 a.m.EDT
|The Texas Legislature has voted to reauthorize the operations ofthe Texas Department of Insurance (TDI) during a special sessionlast week called by Gov. Rick Perry.
|The legislature failed to pass the reauthorization during theirregular session that adjourned on June 1, and TDI was poised tobecome a victim, stuck in the mire of partisan politics.
|Under Texas' Sunset Law, if the legislature fails to fund adepartment, it can continue to operate until Sept. 1 and would thenbe allotted a year to wind down its operations.
|Gov. Perry, who praised the legislature for the work that it didfinish, decided there was enough unfinished work to call a specialsession which can be called any time 30 days after the regularsession ended.
|"Lawmakers enthusiastically supported the continuation ofimportant consumer protections along with balanced insuranceregulatory policy. This year's TDI extension legislation preservedboth a rating system that fosters a healthy insurance market andimportant underwriting tools to promote competition in the stateinsurance market and deliver savings to policyholders," said JoeWoods, assistant president and regional manager.
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