The Texas Windstorm Insurance Association (TWIA) met via teleconference on Tuesday, May 12.
The Board welcomed new members Peggy Gonzalez (First Tier Coastal Representative) of Brownsville and Tim Garrett (Non Seacoast Territory Representative) of Lubbock, who were appointed by the Texas Insurance Commissioner last month.
Among actions taken by the Board at this meeting:
- The Board conducted its annual review of the Association’s investment plan and financial audit.
- The Board approved the Association’s plan to secure a $500 million line of credit for the 2020 hurricane season to provide liquidity, if necessary, to quickly pay claims in the event of a catastrophe impacting TWIA’s coverage area.
- The Board approved a resolution to update rules regarding approved mailing methods to allow applicants, policyholders, and agents to use traceable forms of mailing in addition to the U.S. Postal Service for the purpose of providing proof of timely payment of premiums.
Board members also requested that staff facilitate the Actuarial & Underwriting Committee in resuming its review of proposals for actuarial services, which had been paused due to the impact of the COVID-19 pandemic.
The Board’s next scheduled quarterly meeting is August 4, 2020.
An archived recording of the Board meeting is available on YouTube and will be available on TWIA’s website later this week at www.twia.org/about-us/board-of-directors/archived-meetings.
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