Texas Windstorm Insurance Association Begins Annual Rate Filing Process

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The Texas Windstorm Insurance Association has started its annual rate filing process, which will begin with a meeting on July 21.

TWIA’s Actuarial and Underwriting Committee is responsible for reviewing the rate adequacy analysis prepared by the association’s actuarial staff. The committee will consider whether to recommend a rate change to the TWIA Board of Directors.

The board will also take into account the committee’s analysis, recommendation and stakeholder comments when voting to decide on the amount of the annual deposit required by the association. This decision will come at the next TWIA board meeting on August 3.

TWIA staff will also review with the committee several proposed policy form updates and one proposal to update the association’s fee manual. It is expected that TWIA staff will recommend to the TWIA Board of Directors at its August meeting that the files be submitted to the Texas Department of Insurance for approval.

Members of the public are invited to submit written comments by email to PublicComment@TWIA.org. Interested parties are encouraged to submit their comments by noon on July 19 to allow the committee to receive and consider them prior to the July 21 meeting. All written comments will be provided to the committee regardless of when they are received.

Written comments submitted to TWIA are subject to the Texas Public Information Act. TWIA may post the public comments received, with the personally identifiable information removed, on its website.

Members of the public are also invited to provide verbal comments to the TWIA Actuarial and Underwriting Committee during the public comment portion of the meeting. Those who wish to comment publicly during the meeting must register and connect to the meeting through Zoom on a computer, tablet, smartphone, or phone. TWIA linked 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 from your preferred device.

The meeting will also be streamed live via YouTube.

An archived recording of the meeting will be available on the TWIA website after the meeting at www.twia.org/about-us/board-of-directors/archived-meetings.

Here is a timeline of TWIA’s 2021 APR filing review process:

  • July 6: TWIA posts a rate adequacy analysis on its website for public review.
  • July 21: The Actuarial and Underwriting Committee meets to review the rate adequacy analysis and vote on a recommendation to the TWIA Board of Directors regarding the filing of TWIA’s annual rates in August 2021.
  • August 3: TWIA’s board of directors meets to hear the recommendation of the actuarial and underwriting committee and public comment on the 2021 rate adequacy analysis and vote to lead staff on filing TWIA’s annual rates in August 2021.
  • August 15: Legal deadline for TWIA staff to file annual rate with the Texas Department of Insurance.
  • October 15: Deadline for approval or disapproval of a TWIA rate deposit by the Insurance Commissioner, under certain circumstances.

The subjects
Disaster Natural disasters Windstorm in Texas

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