The Texas Windstorm Insurance Association announced this week the timeline for its annual rate filing consideration. By law, TWIA must make a rate filing with the Texas Department of Insurance by August 15 each year. TWIA’s Actuarial & Underwriting Committee typically meets in July before the rate filing date to decide on a rate recommendation to TWIA’s Board of Directors. The Board then meets in August to make a decision regarding the filing.
July 1, 2022: TWIA posts an annual Rate Adequacy Analysis to its website for public review. The Rate Adequacy Analysis is a professional estimate by TWIA’s actuarial staff of whether rates are sufficient to cover the Association’s operating expenses and its expected losses from claims.
July 18, 2022: The Actuarial & Underwriting Committee meets to review the Rate Adequacy Analysis, hear public comment, and vote on a recommendation to the TWIA Board of Directors regarding TWIA’s August 2022 annual rate filing.
August 2, 2022: TWIA’s Board of Directors meets to hear the recommendation from the Actuarial & Underwriting Committee and public comment and vote to direct staff regarding TWIA’s August 2022 annual rate filing.
August 15, 2022: Statutory deadline for TWIA staff to make the annual rate filing with the Texas Department of Insurance.
October 15, 2022: Statutory deadline for approval or disapproval of a TWIA rate filing by the Commissioner of Insurance.
Source: TWIA
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