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Group Commends Insurance Commissioner on Credit Insurance Decision
Austin, TX -- The Center for Economic Justice (CEJ) today lauded Texas Insurance Commissioner Jose Montemayor for his decision to lower credit life insurance rates by 21% and credit disability rates by 18%. CEJ represented the interests of low income consumers at the hearing. CEJ attorney D.J. Powers said, "Credit insurance in Texas has been a terrible ripoff for consumers. With his decision today to substantially lower credit life and credit disability rates, Commissioner Montemayor has determined that these consumer ripoffs will not continue. We commend and thank Commissioner Montemayor for helping out credit insurance consumers." Powers continued, "Credit insurance is targeted at the poorest consumers who often feel at the mercy of the lender selling the credit insurance. Commissioner Montemayor’s decision will particularly help the most defenseless consumers." Powers added, "With the department’s recent efforts to reduce credit unemployment rates and to improve regulation of credit property insurance, Commissioner Montemayor’s decision on credit life and disability rates moves Texas into the top tier of states for effective regulation of credit insurance." |