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Essential Meeting Information:
- The TWIA Board of Directors will meet in Galveston on Tuesday, August 8 at 9:00 a.m. CT.
- The Board will consider a committee recommendation of a rate increase for 2024 of 5% for residential policies and 8% for commercial policies.
- Access the meeting agenda on TWIA’s website.
- Members of the public can provide written comments via email before the meeting or provide virtual or in-person comment at the meeting.
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Greetings:
The Texas Windstorm Insurance Association Board of Directors will meet at the Tremont House in Galveston on Tuesday, August 8 at 9:00 a.m. CT. The Board is expected to consider the Association’s statutorily required annual rate filing for 2024 policies. The meeting agenda is available on TWIA’s website.
All meetings of the TWIA Board of Directors are open to the public. Members of the public are invited to provide public comment at the Tremont House in Galveston or virtually via Zoom. The meeting will also be livestreamed on YouTube. More details on the public comment options for the meeting can be found below.
TWIA’s 2023 Rate Adequacy Analysis, prepared by the Association’s actuarial staff, indicates that TWIA’s current rates are inadequate by 20 percent for residential coverage and 22 percent for commercial coverage. The Board’s Actuarial & Underwriting Committee met on July 11 and voted to recommend an increase of 5% for 2024 residential policies and 8% for 2024 commercial policies.
The TWIA Board will consider the analysis, the Committee’s recommendation, and stakeholder feedback when voting to decide the content of the Association’s annual required rate filing. A rate filing that includes any increase in rates is subject to review and approval by the Commissioner of Insurance. A timeline of TWIA’s 2023 annual rate filing consideration process is available on TWIA’s website.
Other Board Meeting Business
Other items on the meeting agenda include:
- The Association’s required annual maximum limits of liability filing with the Texas Department of Insurance.
- Briefing and possible action on the Association’s contract with Aon for catastrophe modeling services.
- Filling the vacancy on TWIA’s Actuarial & Underwriting Committee.
- Selection of auditors and accountants for 2023 and authorization of non-audit services.
All meetings of the TWIA Board of Directors and its committees are open to the public. The public may attend and make public comment in person at the Tremont House in Galveston or virtually via Zoom. Members of the Board and staff may participate in the meeting in person or virtually. The meeting will also be livestreamed on YouTube.
Public Participation and Comment
TWIA is providing three methods for stakeholders to provide public comment to the Board of Directors:
1.) Written Public Comment
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 Friday, August 4, to enable the Board to receive and review them before the August 8 meeting. TWIA staff will provide the Board with all written comments regardless of when they are received.
Written comments submitted to TWIA are subject to the Texas Public Information Act. TWIA will post public comments received, with personally identifiable information redacted, on TWIA’s website.
2.) Remote Verbal Public Comment via Zoom
Individuals wishing to make verbal public comment remotely during the meeting must register and log into the meeting via Zoom on a computer, tablet, smartphone, or telephone. Please make sure you have the latest version of Zoom on your device before joining the meeting. Learn how to update to the latest version of Zoom here.
- You can 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.
- This method of comment is audio only (no video).
3.) In-Person Verbal Public Comment at the Tremont House in Galveston
Individuals wishing to make in-person verbal public comment must attend the Board meeting at the Tremont House in Galveston. TWIA staff will facilitate the public comment process.
The full address of the meeting location is:
The Tremont House Hotel Davidson Building – Second Floor
(across the street from the main Tremont House Hotel building)
2319 Ships Mechanic Row
Galveston, TX 77550
Parking is available at the Tremont House Hotel valet for $30 per day. Hourly street parking may also be available in the area. The second floor of the Davidson Building is accessible via elevator or stairs.
The meeting materials and archived recording for the Board meeting will be added to our Archived Meetings page after the meeting.
As a reminder, this message and all TWIA Legislative Updates are archived at www.TWIA.org/legislative.
Should you have any questions, please contact me at DDurden@twia.org or (512) 505-2255.
Sincerely,
David Durden
General Manager
Texas Windstorm Insurance Association
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