TWIA Oversight Board Created by Lawmakers
The Texas Legislature has passed a bill to create the Texas Windstorm Insurance Association (TWIA) funding structure oversight board, a group made up of four members of the Texas Senate and four members of the state House of Representatives. The board will be tasked with gathering information on TWIA’s funding, determining how other states operate catastrophic risk pools, and holding public meetings to hear testimony on funding for the organization.
By November 15, 2020, the board will deliver a report that includes its findings on TWIA’s funding structure and any legislative recommendations. The group will begin meeting later this year.
Additionally, TWIA must now make its rate adequacy analysis available publicly at least 14 days prior to the date that its board of directors votes on a proposed rate increase. The TWIA board will also hear public comment before a vote on a rate filing submission is taken.