Agents with Assumption Depopulation Offers Selected for Transfer,
The agent selection period of the 2021-2022 Assumption Reinsurance Depopulation Program (Assumption Program) ended on May 31. Policyholders whose policies you selected to move forward in the program by approving their offers to transfer to a participating company will have from December 3, 2021 through January 31, 2022 to elect to remain with TWIA. Otherwise, the policies will automatically transfer to the new company effective March 1, 2022. As you guide policyholders, we want to remind you about a few important dates regarding policy renewals.
Policyholder Participation Does Not Substitute for Policy Renewal:
Agents still have to renew the policyholder’s policy if they want to continue coverage. Regardless of whether they want to participate in the Assumption Program, policyholders need to renew their policy with TWIA if the renewal date is April 30, 2022 or earlier.
Policy Renewals Issued on TWIA Paper through April 30, 2022:
Remember that if you are participating, policy renewals through April 30, 2022 will remain on TWIA’s paper for the following year; policy changes and questions will be handled by TWIA. However, the policy is technically transferred to the new company as of March 1, so claims will be filed with the new company as of March 1 of the assumption year. This means you’ll have a period of time when you will be speaking with both TWIA and the new company on different parts of your policy.
Policies Expiring on or after May 1, 2022 Renew with SafePoint:
At renewal, the policy will switch to the assuming carrier’s policy form, coverages, and premium. As stated above, before May 1, policy renewals and policy changes go through TWIA.
Claims on or after March 1, 2022 go to SafePoint:
For claims with a date of loss on or after 12:01 AM on March 1, 2022, identify the policyholder's new insurance company, and follow their instructions about how to file a claim. Company information is provided at the following depopulation claims webpage. (Claims with a date of loss before March 1, 2022 will be filed with TWIA.)
If you have any questions, Agent Services is available to help at agentservices@twia.org or (800) 208-5948.
Thank you,
Texas Windstorm Insurance Association |
