Texas Windstorm Insurance Association Begins Annual Rate Filing Process

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The Texas Windstorm Insurance Association has begun its annual rate filing process, which will kick off with a July 21 meeting.

TWIA’s Actuarial & Underwriting Committee is set to review the rate adequacy analysis prepared by the association’s actuarial staff. The committee will consider whether to recommend a change in rates to TWIA’s Board of Directors.

The board will also consider the analysis, the committee’s recommendation and stakeholder feedback when voting to decide the amount of the association’s annual required rate filing. That decision will take place at the next meeting of the TWIA Board on Aug. 3.

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

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 July 19 to enable the committee to receive and review 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 public comments received, with personally identifiable information redacted, to its website.

Members of the public are also invited to provide verbal comments to the TWIA Actuarial & Underwriting Committee 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 on a computer, tablet, smartphone or telephone. TWIA has a created a link 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 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.

Following is a timeline of TWIA’s 2021 Annual Rate Filing Consideration Process:

  • July 6: TWIA posts Rate Adequacy Analysis to its website for public review.
  • July 21: Actuarial & Underwriting Committee meets to review Rate Adequacy Analysis and vote on a recommendation to the TWIA Board of Directors regarding TWIA’s August 2021 annual rate filing.
  • Aug. 3: TWIA Board of Directors meets to hear recommendation from the Actuarial & Underwriting Committee and public comment on the 2021 rate adequacy analysis and vote to direct staff regarding TWIA’s August 2021 annual rate filing.
  • Aug. 15: Statutory deadline for TWIA staff to make annual rate filing with the Texas Department of Insurance.
  • Oct. 15: Deadline for approval or disapproval of a TWIA rate filing by the Commissioner of Insurance, in some circumstances.

Originally posted at: https://www.insurancejournal.com/news/southcentral/2021/07/09/622061.htm

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