The board of the insurer of last resort for property along the Texas coast has named a new acting general manager and is moving forward with a search for an interim general manager.
Randy Wipf, a current employee of the Texas Windstorm Insurance Association (TWIA), was named acting general manager, according to a spokesperson from the Texas Department of Insurance.
TWIA was placed under TDI Administrative Oversight in late February after regulators decided that the association’s management could no longer effectively operate the state-backed insurer.
Former General Manager Jim Oliver is no longer with the organization, TDI spokesman Jerry Hagins said.
TWIA has been under intense scrutiny from regulators, lawmakers and even law enforcement officials, mostly due to its claims and management practices after Hurricane Ike hit the Texas coast in 2008. The insurer was hit with nearly $2 billion in claims from Hurricanes Ike and Dolly in 2008.
TDI says it will release TWIA from Administrative Oversight when it determines that such oversight is no longer necessary. Administrative oversight does not does not affect the terms of coverage and insurance policies remain in effect. Policyholders and agents should expect normal business operations, TDI said.
Legislation aimed at reforming TWIA operations has been filed in the Texas House of Representatives.
Topics Texas
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