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Premiums & the Assumption Reinsurance Depopulation Program | ||||||||
Agents with Depopulation Offers, You were recently sent notification that policies your agency represents were selected by insurance companies participating in the TWIA Assumption Reinsurance Depopulation Program (Assumption program). We wanted to provide guidance as to how you can be fully informed about changes to premiums that may result from a policy transfer. If you decide to contract with a depopulation insurer and approve an offer through the Assumption program, the policy’s premium may be different than TWIA's premium when it is renewed by the new company after the current policy term ends. For policies that you approve to be transferred, see the following:
Besides the fact that premiums must be no more than 115% that of TWIA, we cannot confirm or guarantee what the precise premiums of the depopulation insurers will be. Agents should communicate directly with depopulation insurers about premiums when entering into contracts with these companies, including any underwriting requirements that could affect premiums. For information about depopulation insurers, please follow links from our website. At any time, including the three-year period when depopulation insurers are required to offer comparable coverage and rates, policyholders may return to TWIA as long as they keep current Certificates of Compliance and meet all other eligibility requirements. You and your clients are always free to work with the insurer of your choice. If you have any questions about the Assumption program, you may refer to our informational webpages or contact Agent Services at agentservices@twia.org. Thank you, Texas Windstorm Insurance Association |
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