TWIA convenes to plan biennial report back to Texas legislature

The committee for legislative & exterior affairs of the Texas Windstorm Insurance coverage Affiliation (TWIA) board has a carried out a gathering amongst its members with the intention to plan its biennial report back to the Texas Legislature.

Throughout the assembly, the committee reviewed the fabric it acquired from the affiliation’s employees and gave instructions relating to the proposals that shall be included in a draft report back to the board for additional concerns.

As well as, it requested the employees present extra data relating to matters for consideration in a committee assembly sooner or later. This can embody choices to change necessities which can be associated to the appointment of judges that had been presiding over instances in addition to potential statutory adjustments, which is able to enable the TWIA to pay claims from non-catastrophe years with premiums and different revenues it earned in a subsequent yr.

The TWIA is required to submit a biennial report back to the Texas Legislature, the Insurance coverage Commissioner, and the Sundown Advisory Fee within the yr earlier than a legislative session. Its report should embody any proposed adjustments in legal guidelines that pertain to the regulation of the affiliation, a press release explaining the explanations behind the adjustments, and details about its operations or procedures.

The newest biennial report that was printed by the TWIA was in 2022, and was directed to the 88th Texas Legislature, common session. It’s out there for the general public’s consumption on the TWIA’s official web site.

The Texas Windstorm Insurance coverage Affiliation offers a marketplace for windstorm and hail insurance coverage to residence and business property house owners in sure areas inside the seacoast territory of Texas.

What are your ideas on this story? Please be at liberty to share your feedback under.