The decision of the Texas insurance commissioner to reject a proposal from the Texas FAIR Plan to raise its rates raises “serious and disturbing questions,” according to an industry expert.
The owner of a Texas insurance agency faces up to 20 years in prison after his indictment on charges of using more than $100,000 in premiums for himself and not his clients.
As a direct result of the Patient Protection and Affordable Care Act (PPACA) – also known as ObamaCare – health insurance agent and broker commissions have been slashed by as much as 50%. Agencies have been forced to lay off employees, limit products and services, shift to other lines, and have seen significant drops in compensation.