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