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TEXAS DEPARTMENT OF INSURANCE REJECTS TWIA’S SNEAK RATE INCREASE

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From the Office of Mayes Middleton

Yesterday, in a major win for Gulf Coast Texans, the Texas Department of Insurance (TDI) rejected last year’s surprise rate increase by the Texas Windstorm Insurance Association (TWIA). This effectively kills any rate increase this year and gives the legislature time to hold TWIA accountable in the upcoming session.

Last month, TWIA adopted an 11th-hour rate increase without posting proper notice. TWIA’s unconscionable action would have hurt ratepayers who are already struggling in the midst of the COVID-19 Pandemic and government-ordered shutdowns.

Thankfully, TDI rejected this increase. In a letter explaining their decision on the rates, TDI cited the clear departure from prior procedures on rate increase proposals represented by TWIA’s surreptitious end-of-year rate hike in December.

I look forward to dedicating a significant portion of the upcoming legislative session to holding TWIA accountable and implementing additional reforms.  We must demand actuarial fairness and no “thumb on the scale” in rate determination.

You can see a copy of TDI’s letter to TWIA below:

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