| |
| |
|
|
CONCURRENT RESOLUTION
|
|
|
WHEREAS, The coastal territory of this state accounts for |
|
|
nearly 40 percent of the economy of this state, benefiting the state |
|
|
as a whole, yet only seven percent of this state's population |
|
|
resides in that territory; and |
|
|
WHEREAS, Many coastal residents and property owners included |
|
|
in that seven percent of this state's population are among the |
|
|
234,861 policyholders of the Texas Windstorm Insurance |
|
|
Association, the insurer of last resort in this state; and |
|
|
WHEREAS, The Texas Windstorm Insurance Association has |
|
|
increased certain rate filings by five percent each year in seven of |
|
|
the last eight policy years, although large parts of the territory |
|
|
have not suffered a hurricane in more than 40 years; and |
|
|
WHEREAS, The unchecked five percent increases in rate |
|
|
filings: |
|
|
(1) disproportionately burden coastal residents and |
|
|
property owners when the risk may be better spread across the state; |
|
|
and |
|
|
(2) may discourage the economic viability and growth |
|
|
of the coastal territory and, thus, the state; now, therefore, be it |
|
|
RESOLVED, That the 85th Legislature of the State of Texas, |
|
|
1st Called Session, hereby request the lieutenant governor and the |
|
|
speaker of the house of representatives to create a joint interim |
|
|
committee to study the reasonableness and appropriateness of |
|
|
limiting the amount of change in rate filings by the Texas Windstorm |
|
|
Insurance Association used without prior approval of the |
|
|
commissioner of insurance under Sections 2210.351 and 2210.352, |
|
|
Insurance Code, to: |
|
|
(1) 101 percent of the rate in effect on the date on |
|
|
which the filing is made; and |
|
|
(2) for an individual rating class, one percent higher |
|
|
than the rate in effect for that rating class on the date on which |
|
|
the filing is made; and, be it further |
|
|
RESOLVED, That the committee submit a full report, including |
|
|
findings and recommendations, to the 86th Legislature before it |
|
|
convenes in January 2019. |