TWIA Board of Directors votes to withdraw 10% rate increase
At a board of directors meeting Friday, May 24th, the TWIA Board of Directors voted unanimously to withdraw the 10% rate increase the board originally passed in August 2018.
As a reminder, that filing was suspended. Governor Abbott, in an October 11, 2018 letter to Insurance Commissioner Sullivan. suspended Insurance Code 2210.352, “…to the extent necessary to delay any decision to approve or disapprove the proposed (TWIA) rate increase…”.
TWIA counsel Mike Perkins stated that neither TDI nor the Governor's office would object to the withdrawal of the filing.
Also during the meeting, the board approved a motion to refinance the class 1 securities issued in 2014.
The TWIA Board of Directors meets again August 6, 2019 in Galveston.