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Relating to the board of directors of the Texas Windstorm Insurance Association.
No significant fiscal implication to the State is anticipated
HB 3633 would revise the composition of the board of directors of the Texas Windstorm Insurance Association (TWIA) by: (1) changing the entity that appoints the members to the governor, rather than the commissioner of insurance; (2) increasing from nine to 11 the number of members so appointed; and (3) increasing from three to five the number of members required to reside in the first tier coastal counties as of the date of the appointment. Members who reside in the coastal counties would be required to be TWIA policyholders, and not property or casualty agents.
This bill would also abolish, effective December 1, 2019, the sitting board of directors and expire the members' terms on that date. The governor would appoint new members as provided by the bill not later than December 1, 2019.
Texas Action opposes HB 3633 which is out of alignment with limited government. In changing the makeup of the TWIA board, this bill would weaken the power of private insurance and inland board members making it more difficult to raise TWIA rates and keeping TWIA in an artificially advantaged position to unfairly compete with private insurers.