Dear agent,
Texas FAIR Plan Association (TFPA) has a few upcoming changes to share with you that may impact how you do business. These changes include laws passed by the Texas Legislature last year.
The table below outlines the changes on the left and their corresponding updates on the right. We will continue to keep you informed of developments and provide additional resources and training throughout the year.
Law or Process Change
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Latest Updates
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TFPA is transitioning to a new electronic payment system in partnership with Chase Bank and a third-party payment vendor, Paymentus.
Policyholders will continue to have the ability to make electronic payments, setup and manage auto pay, and view electronic payment history.
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Transition to Paymentus is planned for Q2 2024. We will provide additional information on how this change may impact you and your policyholders.
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TFPA must provide property owners’ association insurance to eligible risks in areas designated by the Insurance Commissioner (HB 998).
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The Texas Department of Insurance (TDI) is developing a process for designating underserved areas.
TFPA is required to offer this coverage in areas designated by TDI starting September 1, 2024, and is exploring methods to implement this coverage.
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Policy nonrenewal notice requirements will change from 30 to 60 days (HB 1900).
This change applies to all property and casualty insurers in Texas.
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The expected implementation date is late 2024.
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If you have any questions, email agentservices@twia.org or call (800) 979-6440 during our normal business hours Monday-Friday, 8:00 a.m.-5:00 p.m.
Sincerely,
Texas FAIR Plan Association |
