May 7, 2008
Latest Update on Mineral Coverage Issue
As you know, Title Bulletin No. 168 issued by the Texas Department of Insurance (TDI or the Department) dealing with the exception of mineral estate from coverage has been cause for great concern with our industry. We want to assure you that we have heard your concerns and that this issue continues to be our top priority.
We completely understand both the magnitude and urgency of this problem and are working non-stop to find a solution. We know that many of you are frustrated, as are we, that a solution has not been reached yet, but know that every effort and resource is being applied to that end.
We wish we had more answers, but the situation is changing daily and there is nothing concrete to report yet in terms of a solution. Here's what we can tell you:
Our task force, counsel and staff are working daily on this and are in frequent communication with TDI.
TDI asked TLTA to submit suggestions for revisions to the Bulletin which we did last week.
TDI then provided TLTA with a revised draft bulletin, but after much discussion and review, the TLTA task force still has major concerns with the proposed revision.
A meeting is scheduled today with TDI to discuss our concerns again. If a solution cannot be reached through these discussions, we will request an expedited hearing and will again request the Department consider pulling down the bulletin until a solution can be reached.
Again, we understand your great concern and appreciate your patience as we try to work through this issue. We will provide you with regular updates as we have more information to report. In the meantime, if you have any additional questions, please call Leslie Midgley at 800.472.1711.