The board of directors of the Texas Windstorm Insurance Association (TWIA) have elected two individuals to fill the recently vacated executive positions of vice chair and secretary-treasurer.
TWIA public representative member Chandra Womack has been elected vice chair and insurer representative member Corise Morrison has named secretary-treasurer. Bryan Shofner, inland representative, continues to serve as board chairman.
TWIA also recently highlighted several laws passed during the 86th Legislative Session authorizing changes to the insurance industry that apply to TWIA as well as the Texas FAIR Plan Association and became effective Sept. 1, 2019.
They include:
Adjusters
A contractor may not act as a public adjuster for any property for which they are already providing or may provide contracting services. In addition, adjusters must not use a different name than the one on their adjuster license.
Deductibles
- Payment requirements – Code was amended to explicitly require property insurance claimants to pay deductibles required under the terms of their policy.
- Consumer education – The Texas Department of Insurance, in coordination with applicable state agencies and stakeholders, must develop and implement a consumer education program about property insurance deductibles which include information on prohibited conduct.
- Proof of payment – An insurer may require proof of payment by a policyholder of any deductible applicable to their claim on a policy with replacement cost coverage before releasing withheld recoverable depreciation or a replacement cost holdback.
- Business & Commerce Code now stipulates contract language requirements related to deductible payments for claims of $1000 or more and outlines the offenses related to the payment of deductibles by a person other than a policyholder.
Bills containing the above legislative changes include House Bill 2659, House Bill 2103, and House Bill 2102.
The TWIA board’s next scheduled meeting is December 10 in Corpus Christi.
Source: TWIA
Topics Catastrophe Natural Disasters Carriers Texas Windstorm
Was this article valuable?
Here are more articles you may enjoy.
Elon Musk Beats $500 Million Severance Lawsuit by Fired Twitter Workers 
Hacker Says AT&T Paid About $400,000 to Erase Sensitive Data 
Hurricane Beryl: Insurers See Minimal Impact, Brace for Active Season 
Damage From Hurricane Beryl May Cost Insurers $2.7B in US, $510M in Caribbean: KCC 
