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No significant fiscal implication to the State is anticipated.
SB 2305 would return the application and approval process of Texas Windstorm Insurance Association (TWIA) certificates of compliance for completed property improvements back to Texas Department of Insurance (TDI).
Also, this bill authorizes TDI to rescind a certificate of compliance if the department finds that the certificate was improperly issued and to impose penalties on a professional engineer who failed to provide complete and accurate information in connection with an application for a certificate of compliance.
Finally, this bill includes a temporary provision set to expire January 1, 2022 requiring the windstorm insurance legislative oversight board to conduct a study to evaluate a merger of TWIA and the Fair Access to Insurance Requirements (FAIR) Plan that must consider the affordability and availability of residential property insurance, the advisability of the merger of TWIA and the FAIR Plan, efficiencies or inefficiency from such a merger, the funding necessary to implement the merger, and any other relevant items.
Texas Action remains neutral on SB 2305 because it does not affect our liberty principles.