The Texas Windstorm Insurance Association’s (TWIA) Actuarial & Underwriting Committee will meet Tuesday, March 10 at 1:30 p.m. in Austin to evaluate the proposals for actuarial services submitted in response to the Association’s February 6 request for proposals (RFP). The meeting agenda is available for review here.
At its December 10, 2019 meeting, the TWIA Board of Directors voted for the Actuarial & Underwriting Committee and TWIA staff to develop an RFP to engage a firm to provide an independent evaluation of TWIA’s rate adequacy and the use of hurricane modeling in determining rate adequacy and to prepare a report for the Committee’s and the Board’s annual rate review.
TWIA identified 15 qualified firms and invited them to submit proposals by February 26. Seven firms submitted proposals by the deadline.
TWIA staff intend to score the candidate firms’ proposals against an agreed set of criteria. The Actuarial & Underwriting Committee will review the proposals and scoring and select three to four finalists for further consideration. The finalist firms will be invited to make a presentation and answer questions from the Committee at a future meeting, expected to be held later in March. TWIA expects to enter into an engagement with the selected firm by early April.
Please note that the Committee will not be considering a rate filing at the March 10 meeting.
TWIA also livestreams all Board meetings and committee meetings at www.twia.org/about-us/#board-meetings. Closed sessions of the Board are not livestreamed.
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