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Texas statutes can be used to hold insurers accountable

On Behalf of | Oct 19, 2020 | Delayed And Denied Insurance Claims | 0 comments

Like many other states, Texas has laws on the books which prevent insurance companies from engaging in certain heavy-handed and unfair tactics in the marketplace.

This law seeks to hold insurance companies accountable since they play an important role in this state’s, and the whole country’s, financial system.

Moreover, without extra laws in place, insurance companies might use their relatively solid financial position to strongarm a person filing a claim into taking much less than what they owe.

The law in Texas requires insurance companies to deal fairly with their own customers who, after all, paid their premiums so their insurance company would be there to back them in a crisis.

For example, insurance companies have to investigate a claim thoroughly and must to do so within a reasonable time.

How this law applies in a given case is really a question for an insurance coverage and disputes attorney. In general, insurance companies may not drag out the handling of a claim, offer low-ball settlements, deny claims as a default rule or do other things that are designed to force a needy customer to take less than what they are owed.

The law gives Austin residents a tool to fight unscrupulous insurers

The government body responsible for regulating insurance companies can impose fines for violations of this law.

However, the law also gives customers the right to seek compensation directly from the insurance company for violations of this law, including improperly delayed or denied claims.

In addition to being able to seek reimbursement for damages, the law allows a customer to ask for reimbursement of his or her attorney fees. In some cases, he or she may also ask for triple the amount of his or her actual damages.

 

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