The Texas Windstorm Insurance Association will soon begin its annual program designed to move policies out of the residual market for wind and hail along the Texas coast.
This will be the third round for the Assumption Reinsurance Depopulation Program (Assumption Program), which was authorized by the Texas Legislature in 2015. The annual program is a process in which participating insurers make offers on large numbers of TWIA’s policies. The program is designed to provide TWIA policyholders with alternative options for wind and hail insurance in the private market.
The deadline to submit the 2018-2019 Assumption Program application package to TWIA and the Texas Department of Insurance (TDI) is May 1.
A Texas-authorized insurer planning to participate in the program must execute a Non-Disclosure Agreement (NDA) and Participation Agreement to access TWIA policy data and identify policies. In addition, participating insurers must submit supplemental documentation to TWIA and TDI for review. Companies must re-enroll in the Assumption Program on an annual basis.
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