The Texas Windstorm Insurance Association (TWIA) reports that working to implement new laws that change how TWIA does business and serves policyholders.
The association recently issued the following update on a few important changes have already gone into effect.
As of September 1:
Claims Deadlines – The Commissioner of Insurance has the authority to extend policyholder claim deadlines at his discretion and extend claim deadlines applicable to TWIA arising from a particular storm up to 120 days.
Adjuster Changes – A contractor may not act as a public adjuster for any property for which they are already providing or may provide contracting services. In addition, adjusters must not use a different name than the one on their adjuster license.
Board Disclosures – New rules will help the public better understand the affiliations of our Board of Directors and prevent the appointment of Board members representing the public with conflicts of interest.
Previously in Effect:
Surplus Lines Changes – As of June 14, eligible surplus lines insurers may provide windstorm and hail insurance in TWIA’s coverage areas, but a policy declination from a surplus lines writer does not count toward TWIA’s declination requirement for coverage eligibility.
Rate Adequacy Analysis & Public Comment – As of June 6, TWIA must make a rate adequacy analysis publicly available on www.twia.org 14 days before the TWIA Board of Directors votes on the submission of a proposed rate filing to TDI. TWIA also must accept public comment on the rate adequacy analysis at a public meeting of the TWIA Board of Directors.
TWIA said it is committed to keeping agents informed of legislative changes. By early November, a twia.org page dedicated to these changes will be live so agents and their clients can check in on the association’s progress.
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