TWIA Committee Evaluates Proposals for Actuarial Services
The Texas Windstorm Insurance Association (TWIA) Actuarial & Underwriting Committee held a meeting in Austin on Tuesday, March 10, 2020, to discuss the hiring of an outside firm to evaluate the organization’s rate adequacy.
As part of its December 10, 2019, Board Meeting, the TWIA Board voted for its Actuarial & Underwriting Committee and TWIA staff to create an RFP to engage a firm that would independently evaluate TWIA’s rate adequacy and the use of hurricane modeling in rate adequacy. The firm is expected to prepare and present a report for the committee’s and Board’s annual rate review.
Fifteen qualified firms were invited to submit proposals by February 26, 2020, and seven firms responded by the deadline. The committee and TWIA staff reviewed the proposals and selected four for further consideration. The committee will meet again on Monday, March 23, 2020, and the four finalists will present and answer questions. TWIA expects to enter into an engagement with one of these firms by early April.
All meetings of the TWIA Board of Directors or its committees are open to the public and can be viewed online.