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House Bill 1900 |
House Author: Bonnen, Greg |
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Effective: 6-10-19 |
Senate Sponsor: Taylor et al. |
House Bill 1900 amends the Texas Windstorm Insurance Association Act, Insurance Code, to prohibit the Texas Windstorm Insurance Association (TWIA) from paying insured losses and operating expenses resulting from an occurrence or series of occurrences in a catastrophe year with premium or other revenue earned in a subsequent year and to require an emergency meeting to be called by the TWIA board of directors if an ultimate loss estimate indicates member insurers may be subject to an assessment. The bill revises the criteria for determining eligibility for replacement cost coverage under a TWIA policy and provides for public access to TWIA rate adequacy analyses, replacement cost coverage claims processing, and assessments to pay the cost of reinsurance purchased by TWIA or alternative financing mechanisms used by TWIA in excess of certain minimum funding levels. The bill transfers authority relating to the issuance of certificates of compliance for completed improvements from TWIA to the Texas Department of Insurance (TDI) and sets out certain other provisions relating to certificates of compliance. The bill revises provisions relating to the extension of deadlines set under the act.
House Bill 1900 establishes the windstorm insurance legislative funding and funding structure oversight board. The bill requires the board to prepare and deliver a report regarding the funding, funding structure, and sustainability of TWIA to the governor, lieutenant governor, and speaker of the house.
House Bill 1900 requires the windstorm insurance legislative oversight board to conduct a study to evaluate a merger of TWIA and the Fair Access to Insurance Requirements Plan and to submit a written report of the study to the governor, lieutenant governor, speaker of the house, and TDI.