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TWIA ADOPTS 0% RATE INCREASE FOR 2020

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This week at their monthly board meeting in Galveston, the Texas Windstorm Insurance Association (TWIA) adopted a motion to keep rates at their current level by filing a 0% rate increase with the Texas Department of Insurance. An unexpected move for the board after a tie vote, the decision to forgo any rate increase comes on the heels of a rate analysis report produced by TWIA claiming that residential rates would need to rise by over 41% to keep the association on sound financial footing. I presented a report by Coastal Windstorm Insurance Coalition at the meeting showing that such an increase was based on faulty actuarial assumptions, incorrect hurricane modeling, hurricane frequency errors, and subverted new laws passed by the legislature this session to protect policyholders and have fewer expenses passed onto ratepayers. Furthermore, any future action on rates would require the board to operate under new legislation taking effect this September, which includes stronger transparency and ratepayer-protection measures. I am grateful for this unexpected win for the TWIA policyholders of Galveston and Chambers counties. While there is much work to be done to reform TWIA and reduce rates, I am glad that the board has adopted a 0% increase and know that homeowners and business owners in House District 23 will greatly benefit from it. You can find archived footage of the board meeting here: https:// www.twia.org/about-us/board-of-directors/archived-meetings/ tate Representative Todd Hunter (R-Corpus Christi) and I at the TWIA Board Meeting after the announcement of no rate increase for 2020. Mayes Middleton, along with his wife, Macy, and three sons, Connor, Christian, and Matthew, live in Wallisville, Texas. Mayes is a 7th generation Chambers County resident and Texan. Mayes is President of Middleton Oil Company, an independent oil and gas company that operates wells in South Texas and along the Gulf Coast, and is engaged in joint exploration ventures. In addition to his work in the oil and gas industry, Mayes also runs his ranching, cattle, and farming operations. He and his wife support numerous local community organizations and faith based charities. For more information please visit www.mayesmiddleton.com. Everyone manages their money dierently. At Texas First Bank, you can choose the personal checking account thatโ€™s right for you! High Interest or Cash

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