September 5, 2019

In This Issue:

  • Reporting Clarification: Stat Codes
  • TDI: Fresh Look at Insurance Rules
  • U.S. House Committee on Financial Services - Fall 2019 Priorities
  • Outgoing Wire Preparation Checklist
  • TDI: Going the Extra Mile to Improve Service
  • Finance Commission of Texas: Residential Mortgage Loan Originators Regulated by the Office of Consumer Credit Commissioner

Reporting Clarification: Stat Codes

Texas Land Title Association | Sept. 5, 2019
As members have been implementing the new rates and rules that went into effect on Sept. 1, many have called to ask about new stat codes. 
 
TDI is working on a Commissioner's Order to adopt one or more new stat codes. We expect there could be new codes for the 8th year of R-8 and potentially for SI under R-5. However, any new codes will not be adopted until late 2019, with required collection beginning in 2020.
 
You should continue reporting on existing stat codes. 
 
TLTA will continue monitoring TDI's progress and report when new stat codes are issued later this year.


TDI Taking Fresh Look at Insurance Rules

Texas Land Title Association | Sept. 4, 2019
Send your suggestions to TLTA for consideration
 
As Insurance Commissioner Kent Sullivan announced earlier this year, TDI is issuing a call to identify specific agency rules that need to be updated or changed and requesting that they be submitted by Oct. 1.
 
The TLTA Regulatory Committee, chaired by Peter Graf, is meeting next week to review potential items for submission as a part of the Commissioner’s call for rulemaking items.
 
As always, if you have suggestions for rule changes that you would like our regulatory committee to consider, please submit them to Aaron Day via this idea form


U.S. House Committee on Financial Services - Fall 2019 Priorities

U.S. House Committee on Financial Services  | Aug. 23, 2019
Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, announced an overview of the Committee’s fall 2019 priorities and highlighted the Committee’s efforts in the 116th Congress to work on behalf of consumers, investors, and vulnerable families.
 
Read More »


Outgoing Wire Preparation Checklist

ALTA | Aug. 27, 2019
Attempted losses due to business email compromise schemes increased to more than $300 million per month, according to the latest report from the Financial Crimes Enforcement Network (FinCEN).

This is an increase from $110 million per month in attempted losses in 2016. FinCEN reported that overall, the number of BEC suspicious activity reports (SARs) increased to 1,100 per month last year, which was up from 500 reported per month in 2016.
With this threat continuing to grow, ALTA’s Information Security Committee developed a new tool for members seeking best practices to verify outgoing wire information.
 
Read More »


TDI: Going the Extra Mile to Improve Service

Texas Department of Insurance Commissioner Kent Sullivan | Sept. 4, 2019
(Editor's Note: Commissioner Sullivan sent this to TDI's audience earlier this week. We thought you might be interested in learning more about what he and TDI have to say.)
 
State agencies are often accused of missing the forest for the trees. In fact, I’ve probably said that on occasion myself. But the opposite also can be true. Agencies can be so focused on measuring and improving overall results that they lose sight of individual consumers and their needs.
 
At the Texas Department of Insurance, we’re focused on improvements at both the macro and micro levels. We want better systems and processes so we can improve the consumer experience.
 
The Texas insurance market is now the second largest in the nation and the eighth largest in the world. Just look at the growth in a few areas over the last 10 years:
  • 76% increase in agent and adjuster licenses.
  • 73% increase in Help Line calls.
  • 80% increase in claim payments.
I recently talked to our staff about how this growth puts pressure on our agency to keep pace. We’re doing that with a major push to modernize the agency.

We also discussed the need to remain focused on our core mission to protect Texas consumers. It’s critically important that we use technology better and update our processes, but we must always be mindful of why those things are important. Answering calls faster, using artificial intelligence to help review policy language, improving our ability to analyze large amounts of data – all these modernization efforts are increasingly essential to allow us to regulate a market that is as large and complex as this one.

Good organizations are always looking at ways to become better. If you have an idea to help us improve our service, please drop me a line at commissioner@tdi.texas.gov. And if you’re interested in the changes we’re making, you can watch a video of our recent staff meeting on our core principles.

Finance Commission of Texas: Residential Mortgage Loan Originators Regulated by the Office of Consumer Credit Commissioner

Finance Commission of Texas | Aug. 26, 2019
The Finance Commission of Texas proposes new rules related to military licensing concerning residential mortgage loan originators regulated by the Office of Consumer Credit Commissioner.
 
Read More »

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