For years, the Texas Department of Insurance has rightfully stood by Texas consumers by rejecting policies with dangerous binding arbitration clauses. But, a policy recently submitted to TDI would strip unaware consumers of their constitutional rights in exchange for a small discount.
Approval of this policy would be a reversal of TDI’s longstanding process of rejecting policies with binding arbitration. As reported by the New York Times last year, arbitration provisions are biased against consumers, have limited public accountability, and contain secret proceedings. Policyholders should not be coerced into this harmful process.
Binding arbitration, as included in the policy, would allow insurance companies to buy Texans' rights for a few dollars a month. Tell the Texas Department of Insurance that your rights are not for sale!