In Texas, the insurance industry is driven by market forces including demand for coverage, the cost of paying claims, and competition among the more than 322 companies selling home and auto insurance. Each insurance company determines the rates it charges its policyholders.
While the Texas Department of Insurance (TDI) does not set insurance rates, every year, our actuarial staff review thousands of rate filings made by insurance companies.
In 2024, TDI’s actuarial staff reviewed 2,343 rate filings. 132 filings were rejected for technical reasons, and another 174 were withdrawn by the companies.
An insurance company might withdraw a rate filing if they:
- Need more time to respond to TDI’s questions about the filing.
- Are forced to withdraw a filing because it doesn’t follow state law.
- Decide to make a new filing at a different rate.
Of the rate filings reviewed, TDI determined that 2,037 complied with Texas law. TDI staff had questions or asked companies to provide more information on 77% of filings.
This is where most of TDI’s regulatory work on rates happens—requiring insurance companies to provide more information on incomplete or insufficient filings.
This review process saves consumers on average more than $29.2 million a year.
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