Public Invited to Comment as TWIA Board Reviews Rate Filing and Considers Reinsurance for 2021 Storm Season at March 23 MeetingPublished on: March 11, 2021
The quarterly TWIA Board of Directors meeting originally scheduled for February will now be held on Tuesday, March 23 at 9:00 a.m. The meeting will be held via Zoom and members of the public are invited to provide written comment before the meeting or verbal comment at the meeting (details below). The agenda for the meeting is available here.
The Board will review the Texas Department of Insurance’s (TDI) rejection of TWIA’s filing for a 5% increase in residential and commercial rates. The Board may take action regarding resubmission of the December 2020 rate filing or the submission of a new rate filing.
You may review TWIA’s 2020 Rate Adequacy Analysis, posted on July 21, 2020, on TWIA’s website. The Willis Towers Watson analyses, completed in 2020 at the direction of TWIA’s Actuarial & Underwriting Committee, are also available for review on TWIA’s website.
The Board will also receive a presentation from staff and Guy Carpenter & Company, LLC on funding levels for the 2021 hurricane season and reinsurance options to meet funding level requirements. A summary of the catastrophe model output is available here.
As required by statute, the Board will determine the level of funding required to pay and adjust claims for a hurricane season with a probability of one in 100 (1:100 Probable Maximum Loss). The Board is expected to give direction to staff regarding the purchase of reinsurance for the 2021 hurricane season.
Public Participation and Comment
Members of the public are invited to submit written comments via email at PublicComment@TWIA.org. Interested parties are encouraged to submit comments by noon on Friday, March 19 to enable the Board to receive and review them prior to the March 23 meeting. All written comments will be provided to the TWIA Board regardless of when they are received.
Members of the public are also invited to provide verbal comments to the TWIA Board during the designated public comment portion of the meeting. Those wishing to make public comment during the meeting must register and log into the meeting via Zoom.
- Click here to register to attend the meeting via Zoom.
- After registering for the meeting, you will receive a confirmation email with details on how to join the meeting via computer, tablet, smartphone, or telephone.
- The meeting will also be livestreamed via YouTube.
An archived recording of the meeting will be available on TWIA’s website after the meeting at www.twia.org/about-us/board-of-directors/archived-meetings.
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