Dear agent,
One or more policies your agency represents have been selected for Depopulation. You must take action if you would like the policies to transfer to a new company. Otherwise, no action results in no changes.
Policies selected by insurance companies participating in the 2022-2023 TWIA Assumption Reinsurance Depopulation Program may result in a transfer of these policies from TWIA to the participating insurer. This program was authorized by the 2015 Texas Legislature (SB 900) to encourage private market insurers to write windstorm coverage along the Texas coast. Under this program, participating insurers will be required to do the following:
- allow you to remain as the agent on these policies and
- continue to offer the policyholder rates and coverages comparable to TWIA’s for three renewals.
Participating insurers are reviewed by the Texas Department of Insurance (TDI) and TWIA; however, company participation in the program is not an endorsement by either TDI or TWIA.
You have until May 31, 2022 to approve offers.
Your agency can approve offers through TWIA Policy Center. Approved offers will be sent to your policyholders in early December, as described below. Any offers your agency does not approve through TWIA Policy Center, or on which you have taken no action at all by May 31, 2022, will not be sent to your policyholders. Please note, your agency must enter into a limited servicing agreement with, or be appointed by, the participating companies prior to approving any associated offers.
Your policyholders will be informed by TWIA on December 1, 2022 about offers you approve and will also be notified by participating carriers; policyholders will have from December 3, 2022 through January 31, 2023 to take action in order to remain with TWIA.
To assist you in answering policyholder questions, resources are available at www.twia.org/depopulation. For additional help, please call us at (800) 208-5948 or email agentservices@twia.org.
Sincerely,
Texas Windstorm Insurance Association
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