Texas HB5519 requires prior approval for rate changes over 5% for residential property and personal automobile insurance.

Texas HB5519 amends the Insurance Code to require insurers to file rates for residential property and personal automobile insurance with the Texas Department of Insurance if the rate changes by more than 5%. The commissioner must approve or disapprove the rate within 90 days, considering factors like the insurer's financial condition and loss experience. Insurers can request amendments or withdraw rates. The commissioner can suspend or revoke approval if certain conditions are met. The changes apply to policies delivered, issued for delivery, or renewed on or after January 1, 2026.

Texas HB5519 requires prior approval for rate changes over 5% for residential property and personal automobile insurance.

Texas HB5519 amends the Insurance Code to require insurers to file rates for residential property and personal automobile insurance with the Texas Department of Insurance if the rate changes by more than 5%. The commissioner must approve or disapprove the rate within 90 days, considering factors like the insurer's financial condition and loss experience. Insurers can request amendments or withdraw rates. The commissioner can suspend or revoke approval if certain conditions are met. The changes apply to policies delivered, issued for delivery, or renewed on or after January 1, 2026.