Public invited to comment at Texas Windstorm Insurance Association meeting May 18
Rate increases are not on the agenda at the upcoming quarterly meeting of the Texas Windstorm Insurance Association set for 9 a.m. Tuesday, May 18. The TWIA board will consider reinsurance procurement, renewal of a line of credit, and future refinancing options.
The meeting will be held via Zoom and livestreamed on YouTube. The full agenda is available on the TWIA website.
The public is invited to submit written comments at PublicComment@TWIA.org no later than noon Friday, May 14. Verbal comments can be made during the designated public comment portion of the meeting. To register to attend the Zoom meeting, click here.
TWIA has received major pushback in the past several years as the board has attempted several times to raise windstorm insurance rates on its Gulf Coast customers. One attempt was thwarted by Gov. Greg Abbott; the last attempt by the Texas Department of Insurance Commissioner in January.
The board voted at its last quarterly meeting in March to further explore its options, especially as TWIA-related bills make their way through the current legislative session, which ends May 31.
Other items on the agenda for May 18 include a financial statement review, an investment plan review, and a financial audit. Item 6, titled Actuarial — Jerry Fadden, will discuss reserve adequacy and policy count and exposures. The board also plans to spend an hour in executive session to discuss personnel issues and legal advice.
The next meeting — the board’s annual meeting — is set for Aug. 3. Rates will be on the agenda as the board is required by law to send a rate request to the Department of Insurance, even if the request is for a zero percent increase.
