Dear Agent,
The TWIA Board of Directors voted not to increase rates for residential and commercial policies at their August 6, 2019 quarterly meeting. TWIA will submit the 0 percent rate change filing with the Texas Department of Insurance by August 15, 2019, as required by statute.
In making their decision, the TWIA Board considered public comment from Association stakeholders and the 2019 rate adequacy analysis prepared by Association staff and, as required by state law, deliberated the decision publicly before voting to determine the amount of the rate filing. The Board’s decision was conditioned on reevaluating TWIA rates at a later date when more information is available.
The TWIA Board also voted to file a proposed increase to the Association’s maximum liability limits with the Texas Department of Insurance. State law requires a filing related to these limits, which apply to the maximum amount of coverage a policyholder can purchase from TWIA, by September 30 of each year. This filing does not impact TWIA’s rates and is benchmarked as required by law to match publicly available construction cost index information.
The meeting materials for today’s Board meeting may be found on our website at https://www.twia.org/about-us/#board-meetings. An archived recording of the August 6, 2019 Board meeting will be available on our website later this week.
Sincerely,
Texas Windstorm Insurance Association |
