Late last week the Texas Windstorm Insurance Association (TWIA) sent out a proposal request asking for support on the Actuarial & Underwriting Committee’s rate recommendation to the TWIA Board of Directors at its August 4, 2020 meeting.
The award winner will help analyze items to help justify the recommended rate increase that the committee has continually asked for by performing things like a rate review, model analysis and help gather other supporting evidence. But at the heart of the matter lies one very big problem: Coastal residents will still just have to take TWIA’s word for it.
Lawmakers have warned that the Board action taken in December to not approve at rate increase was only a very temporary shelter from the ongoing fury of the man-made disaster. They have warned that though Coastal residents may have won the battle, the war itself is far from over.
Ratepayers have been encouraged to stay active in the fight and not let up on their momentum, because that momentum could come to a grinding halt later this year when TWIA files their annual rates with the Insurance Commission.
TWIA is expected to award the contract by March 27, 2020 and the contractor will likely begin their supporting role by April 1.