TDI Announces TWIA Forms, FAIR Plan Rate Changes
The Texas Department of Insurance (TDI) has approved new dwelling and commercial policy forms for the Texas Windstorm Insurance Association (TWIA). The updated forms include new and revised notices on the availability of supplemental payments, the process for requesting a supplemental payment, and deadlines related to supplemental payments. These changes will begin appearing in policies on July 1, 2020.
TWIA submitted these forms on February 7, 2020, as part of its implementation of Senate Bill 615, which was passed during the 2019 legislative session. The Office of Public Insurance Counsel submitted comments on the forms to TWIA, but no other public comments were received. The Commissioner’s Order can be viewed on the TDI website.
Additionally, TDI announced that the effective date for the Texas Fair Access to Insurance Requirements Plan Association (FAIR Plan) rate changes has been pushed back from May 1, 2020, to August 1, 2020, due to the coronavirus pandemic.
The FAIR Plan originally proposed changes to residential property insurance rates on December 20, 2019. The rate changes were approved by the Texas Commissioner on March 19, 2020, but the Commissioner has since determined that the rate change would increase property insurance premiums for many consumers during an uncertain economic period. The full Commissioner’s Order can be found on the TDI website.