AUSTIN - With the 86th Legislature in the books, a variety bills concerning the Texas Windstorm Insurance Association passed this session, including its “Sunset Bill.”
Senate Bill 615, authored by Sen. Dawn Buckingham, includes updates to TWIA operations and determines that the organization will undergo a Sunset review again in 12 years.
TWIA General Manager John Polak says the bill will help serve policyholders better.
“The passage of the TWIA Sunset bill is a vote of confidence from the Legislature,” Polak said. “TWIA has worked closely with the Sunset commission and lawmakers over the last 18 months reviewing our operations, and the legislation passed this session enacts changes that will help us serve our policyholders better.”
SB 615 requires:
- New standards for the TWIA Board, including training and additional transparency and conflicts of interest measures;
- New requirement to make association rate adequacy analyses, with specific format requirements, publicly available on TWIA.org at least 14 days before a vote of the board on a proposed rate filing and requires TWIA to accept public comment prior to the TWIA Board’s vote on a proposed rate filing; and
- Discontinuation of the Association’s Bimonthly Report Card.
SB 615 was signed by Gov. Greg Abbott on June 7 and will take effect on Sept. 1.
The following bills will also have a significant impact on TWIA:
- House Bill 1900, Rep. G. Bonnen / Sen. Taylor. Relating to certain operations and functions of the Texas Windstorm Insurance Association and studies relating to the Texas Windstorm Insurance Association and the Fair Access to Insurance Requirements Plan; authorizing a penalty; authorizing an assessment;
- House Bill 1902, Rep. G. Bonnen / Sen. Taylor. Relating to maximum liability limits for windstorm and hail insurance coverage provided through the Texas Windstorm Insurance Association; and
- House Bill 1944, Rep. Lucio, III / Sen. Hancock. Relating to extension of deadlines for claims and related settlement.