The Actuarial & Underwriting Committee of the Texas Windstorm Insurance Association (TWIA) met today to consider the development of recommendations to the Association’s Board of Directors concerning rate filings as permitted by law, rate adequacy issues, and strategies.
The Committee discussed written comments submitted by TWIA staff in response to issues raised by the Committee during its last meeting in October. The Committee also received both written and in-person comments from the public on the Association’s rate adequacy analysis.
The Committee voted to recommend to the TWIA Board that the Association make a proposed rate filing for a 5 percent increase for both commercial and residential risks with the Texas Department of Insurance (TDI). The Committee also voted to recommend to the TWIA Board that they direct TWIA staff to provide additional written information to the TWIA Board, the Committee, and TDI on issues discussed at the meeting related to TWIA's rate adequacy analysis within three months following the TWIA Board’s meeting on December 10.
The Committee’s recommendations will be presented by Committee Chair Debbie King to the TWIA Board at its regularly scheduled quarterly meeting on December 10 in Corpus Christi. The agenda for this meeting has not yet been published.