June 11, 2019
The Texas wind storm and hail insurer of last resort will make some consumer-friendly changes after its Sunset review.
Under recommendations from the Sunset Advisory Committee, the Texas Windstorm Insurance Association will begin developing programs to allow for automatic renewal of policies and would accept credit cards for policy payments.
Governor Greg Abbott on Friday signed Sen. Dawn Buckingham‘s SB 615, which renews the agency until its next review in 2031 and implements some of the recommendations from the committee.
The association would allow installment payments by consumers.
The new legislation moves from the TWIA to the Texas Department of Insurance (TDI) the task of issuing certificates of building code compliance for finished improvements to a structure when TWIA coverage is sought.
Changes in rates must be publicized two weeks in advance on the TWIA’s website — and the commission must clarify supplemental payment deadlines with the help of public hearings.
Sen. Buckingham said the changes are aimed at increasing the efficiency and effectiveness of the agencies operations.
The newly-signed legislation requires board members to undergo training and requires public disclosure of any conflicts of interest among members of the board.