TWIA convenes to plan biennial report to Texas legislature

TWIA convenes to plan biennial report to Texas legislature | Insurance Business Canada

Reinsurance

TWIA convenes to plan biennial report to Texas legislature

The reports needs to be submitted a year before a legislative session

Reinsurance

By
Abigail Adriatico

The committee for legislative & external affairs of the Texas Windstorm Insurance Association (TWIA) board has a conducted a meeting among its members in order to plan its biennial report to the Texas Legislature.

During the meeting, the committee reviewed the material it received from the association’s staff and gave directions regarding the proposals that will be included in a draft report to the board for further considerations.

In addition, it requested the staff provide more information regarding topics for consideration in a committee meeting in the future. This will include options to modify requirements that are related to the appointment of judges that were presiding over cases as well as potential statutory changes, which will allow the TWIA to pay claims from non-catastrophe years with premiums and other revenues it earned in a subsequent year.

The TWIA is required to submit a biennial report to the Texas Legislature, the Insurance Commissioner, and the Sunset Advisory Commission in the year before a legislative session. Its report must include any proposed changes in laws that pertain to the regulation of the association, a statement explaining the reasons behind the changes, and information about its operations or procedures.

The most recent biennial report that was published by the TWIA was in 2022, and was directed to the 88th Texas Legislature, regular session. It is available for the public’s consumption on the TWIA’s official website.

The Texas Windstorm Insurance Association provides a market for windstorm and hail insurance to home and commercial property owners in certain areas within the seacoast territory of Texas.

What are your thoughts on this story? Please feel free to share your comments below.