At its December 10 meeting, the TWIA Board of Directors deliberated on a recommendation from TWIA’s Actuarial & Underwriting Committee to make a filing to increase residential and commercial rates by 5 percent. The Board voted to defer further consideration of action regarding TWIA insurance rates until its next statutorily required rate filing in August 2020.
The Board also voted to direct the Actuarial & Underwriting Committee and Association staff to develop a request for proposals to engage an independent actuarial firm based outside of Texas to review TWIA’s rate analysis and use of hurricane modeling in determining rate adequacy. The independent actuarial firm is expected to report their findings before the TWIA Board considers its next statutorily required rate filing in August 2020.
In making their decision, the TWIA Board considered both written and in-person testimony from the public. In the interest of transparency and consistent with prior practice, we have posted the written public comments received for the December 10 Board meeting. Certain personally identifiable information, such as names and contact information, has been redacted to protect the privacy of those individuals, some of whom may be TWIA policyholders.
The Board’s next quarterly meeting will be held in Austin in February 2020.
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