Texas Selects Insurance Services Office as Statistical Agent for Cat Event Plan

Texas has selected Insurance Services Office Inc. (ISO) as the statistical agent for the Texas Catastrophe Event Statistical Plan for Personal and Commercial Risks.

ISO’s selection follows the Sept. 15, 2020, insurance commissioner’s Order No. 6467 adopting 28 TAC § 5.9502, which adopts the Texas Catastrophe Event Statistical Plan for Personal and Commercial Risks (statistical plan) by reference.

The statistical plan’s purpose is to:

On July 14, 2020, the Texas Department of Insurance (TDI) on July 14 posted notice seeking applicants to apply for the statistical agent position. Two applications were received by the Aug. 3 deadline: one from ISO and one from Texas Insurance Checking Office (TICO).

ISO has been collecting and compiling commercial lines statistical data in Texas for almost 25 years, according to TDI. ISO also is a statistical agent for many lines of property/casualty insurance throughout the U.S. and as statistical agent in 54 jurisdictions, the insurance department said.

Source: Texas Department of Insurance