Who must approve policy forms and rates used by the FAIR Plan?

Who must approve policy forms and rates used by the FAIR Plan?

• A. The Commissioner
• B. The Governor
• C. The Federal Insurance Administration
• D. The Texas Supreme Court

Answer: (A)

In Texas, policy forms and rates used by the FAIR Plan are approved by the state insurance Commissioner. The Commissioner oversees all filed insurance forms and rates to ensure they meet state laws and regulations and aren’t unfairly discriminatory. The Governor doesn’t approve forms, the Federal Insurance Administration handles federal programs rather than state-specific FAIR Plan forms, and the Texas Supreme Court doesn’t regulate insurance forms or rates. So, the Commissioner is the official responsible for approving these forms and rates.

In Texas, policy forms and rates used by the FAIR Plan are approved by the state insurance Commissioner. The Commissioner oversees all filed insurance forms and rates to ensure they meet state laws and regulations and aren’t unfairly discriminatory. The Governor doesn’t approve forms, the Federal Insurance Administration handles federal programs rather than state-specific FAIR Plan forms, and the Texas Supreme Court doesn’t regulate insurance forms or rates. So, the Commissioner is the official responsible for approving these forms and rates.