TWIA votes on no increased rates, for now
GALVESTON – The Texas Windstorm Insurance Association (TWIA) has proposed no rate increase for 2020. The decision came earlier this afternoon at TWIA’s Board of Directors meeting in Galveston.
On July 24, TWIA notified the public via a press release that they had until noon on July 31 to email their comments for or against a potential rate hike which could be as high as 40% for coastal residents and up to 50% for coastal businesses.
The release from TWIA stated, “(On July 23), we posted the Association’s Rate Adequacy Analysis for 2019 to our website in compliance with laws passed by the 86th Texas Legislature this year. Although this legislative requirement does not become effective until Sept. 1, 2019, the association believes transparency on this issue is in the best interest of our stakeholders.
“The TWIA Board of Directors will consider this analysis at their upcoming board meeting on Aug. 6 in Galveston, during which they will take action regarding the Aassociation’s mandatory, annual rate filing.”
Read more: https://www.mysoutex.com/san_patricio_county/news/twia-votes-on-no-increased-rates-for-now/article_15e67662-b887-11e9-8541-6b41cfe13409.html