Texas Windstorm Insurer: Submit Depopulation Documentation by August 25

Article

Texas Windstorm Insurance Association member companies that want to participate in the Assumption Reinsurance Depopulation Program may now submit required documentation to both TWIA and the Texas Department of Insurance (TDI), the organization announced.

The deadline for submissions is Aug. 25, 2016. All documents must be submitted electronically.

Senate Bill 900 authorized the creation of the Assumption Reinsurance and the Voluntary Market Depopulation Programs as ways to assist TWIA policyholders with finding insurance coverage in the private market. The Assumption Reinsurance Depopulation Program was officially approved by TDI on July 14, 2016.

The document index provides a comprehensive list of the information required by TWIA and TDI for member companies to participate in the program.

The documents required by TWIA are the Non-Disclosure Agreement and Terms of Use Agreement (NDA), which applies to both the Voluntary Market and the Assumption Reinsurance programs; credit risk documents and comparable coverage documents and relevant policy forms and endorsements; and a list of policies identified for offers.

The documents required by TDI are outlined in the Carrier Checklist, which also includes a UCAA Form 13P. All required TDI documents are to be sent directly to TDI at TWIADepopulation@tdi.texas.gov.

TWIA has posted on its website a guide to submission requirements for program participation: Process for Companies Participating in the Assumption Reinsurance Depopulation Program.

Source: TWIA