Texas Windstorm Insurance Association sued for $600M for charging policyholders for Hurricane Ike
The beleaguered — and oft-sued — insurer of last resort for coastal Texas was presented with yet another multi-million-dollar lawsuit on Monday.
Ramiro Gamboa of Corpus Christi is suing the Texas Windstorm Insurance Association, or TWIA, for hundreds of millions of dollars because, he said, it improperly passed on costs to its policyholders, like him.
More at http://www.statesman.com/news/news/twia-sued-for-charging-policyholders-for-hurricane/nfPhh/ (subscription required).
[font color=green]I read another abbreviated article that stated that the lawsuit was for $600 million. In these circumstances, any shortfall that the association incurred paying claims should have been assessed against insurance companies writing property insurance (personal and commercial) statewide on a pro-rata basis determined by their written premiums.[/font]