ICT submits comments to TDI, TWIA
Ahead of the Tuesday, August 6 TWIA board meeting in Galveston, ICT filed comments with the association and the Texas Department of Insurance on two TWIA related issues.
ICT submitted comments Wednesday, July 31 to TDI in response to TDI's proposed implementation of HB 1900, which would change how the TWIA funding model is satisfied. Among our comments are concerns with the new law requiring member assessments to pay for reinsurance above the 1:100 year loss amount.
Also on Wednesday, ICT submitted comments to TWIA recommending a 5% rate increase when the TWIA board meets to consider any action on rates. In the letter, ICT references TWIA's actuarial analysis that showed a 41.7% inadequacy for residential and 50% inadequacy for commercial policies.
Yesterday, several lawmakers submitted a letter to TWIA advocating for no rate increase at this time.
All of these letters/comments may be viewed on the TWIA/FAIR Plan page at insurancecouncil.org (member login required).
Watch for full reports next week from ICT on the TWIA and FAIR Plan meetings.