Texas Reminds Insurers, Agents of Data Accuracy Responsibilities

The Texas Department of Insurance has issued a bulletin reminding all regulated entities, their agents, and their representatives that they are responsible for the accuracy of the data used in rating, underwriting, and claims handling – even if the data is provided by a third party.

TDI said it may pursue enforcement action against an insurer if its use of inaccurate data harms policyholders. Insurers are encouraged to provide policyholders with a way to review and correct data being used by the insurer.

Questions regarding bulletin #B-0036-20 may be addressed to the Property and Casualty Actuarial Office at PCActuarial@tdi.texas.gov.

Source: TDI