Relating to the Texas Windstorm Insurance Association; providing an administrative penalty.
What changed between versions
Added Section 2210.016 and 2210.017 to prohibit TWIA from using funds to influence legislation and established penalties for violations, including termination and fines.
Added Section 2210.211 to prohibit premium adjustments for inflation without a board vote.
Modified payment terms for public securities (Sections 2210.072, 2210.073, 2210.074, 2210.0741) to extend repayment periods from 10 years to 14 years for certain classes.
Adjusted minimum member assessment amounts for various loss payment classes, changing caps from 'not to exceed' language to specific dollar amounts like $500 million and $250 million.
Updated board composition requirements (Section 2210.102) to remove specific regional representation mandates and clarify that three members must reside outside first-tier coastal counties.
Changed rate filing deadlines from September 15 to August 15 and commissioner approval deadlines from November 15 to October 15.
Added Section 2210.4531 requiring a two-thirds board vote to propose probable maximum loss and commissioner approval before use.
Modified Section 2210.105 to require in-person meetings for establishing probable maximum loss and voting on rate filings, with specific location requirements in first-tier coastal counties.
