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Relating to the administration of the Texas Windstorm Insurance Association.
No significant fiscal implication to the State is anticipated.
HB 769 would prohibit the board of directors of the Texas Windstorm Insurance Association from voting on a proposed rate filing if there is a vacancy on the board.
The bill would also prohibit the association from buying reinsurance from an insurer or broker involved in the execution of a catastrophe model on which the association relies on to determine the probable maximum loss applicable for the period covered by the reinsurance or for adopting rates.
Texas Action opposes HB 769 which would put the legislature squarely in the middle of micromanaging windstorm insurance rather than allowing rates to be guided by sound actuarial principles. State intervention of this type expands the scope of government and restricts the free market from operating as it should.
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