Fri Feb 15, 2013, 09:15 PM
TexasTowelie (37,743 posts)
Office of Public Insurance update: Insurance PACs donated $112,000 to Hancock’s campaign in 2012
This story is an update on an earlier thread posted this morning.
Sen. Kelly Hancock (R) files SB 548 to abolish Office of Public Insurance Counsel
A Dallas-area senator carrying a bill that would abolish the state’s consumer advocate for insurance received nearly $112,000 from insurance political action committees in his 2012 campaign, a political watchdog group reported Friday. Texans for Public Justice, which monitors spending by political candidates in Texas, said Sen. Kelly Hancock, R-North Richland Hills, received 8 percent of his campaign donations from insurance interests last year. Hancock, who represents parts of Dallas and Tarrant counties, received a total of $1.3 million in contributions for his senate race.
Texans for Public Justice reported on the campaign donations a day after Hancock filed a bill that would eliminate the Office of Public Insurance Council, an action that occurred just days after OPIC moved to block a 20 percent increase in home insurance rates by State Farm. Public Insurance Counsel Deeia Beck, an appointee of Gov. Rick Perry, contends that the higher State Farm rates are excessive and unfairly discriminatory. Beck has also sought refunds by State Farm for alleged overcharges by the company dating back to 2003.
The Texas State Farm Agents PAC was the second largest insurance-related contributor to Hancock’s campaign, donating $10,000. The largest contributor was the Independent Insurance Agents of Texas PAC, which gave $12,000. Hancock contends that OPIC responsibilities can be absorbed by the Texas Department of Insurance and that eliminating the agency would save money. Consumer groups, on the other hand, argue that OPIC is the only voice for homeowners and small businesses on insurance rate matters. OPIC was renewed as a state agency by the Legislature two years ago.
Can we borrow Elizabeth Warren for awhile?
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Office of Public Insurance update: Insurance PACs donated $112,000 to Hancock’s campaign in 2012 (Original post)