Texas Legislature Hears TWIA Bills
Several bills affecting the Texas Windstorm Insurance Association (TWIA) are currently pending in the Texas Legislature.
HB 4534, which relates to TWIA’s rates and other funding, was passed by the state House of Representatives on May 3, 2019, by a vote of 132-10. The bill would introduce several changes to how TWIA pays claims and funds the Catastrophe Reserve Trust Fund (CRTF), a funding source containing the net gains from TWIA operations from prior years.
The bill has been received by the Texas Senate but has not yet been referred to a committee.
The TWIA Sunset Bill, SB 615, has already been passed by the Senate, 30-1, and has now been passed out of the House Insurance Committee, 7-0. The bill includes updates to TWIA operations and determines that the organization will undergo a Sunset review again in 12 years. A Sunset Advisory Committee adopted several recommendations that would increase TWIA effectiveness and efficiency, and the bill aims to meet those goals.
A bill related to denial of TWIA claims, HB 2686, was passed by the House Insurance Committee with a vote of 7-1 but failed to pass to engrossment by the full House.