State lawmakers passed a bill to create the Texas Wind Insurance Association Funding Structure Oversight board.
It will be made up of four members from the house and four from the senate.
State Rep. Todd Hunter says what people should know is that not only did the bill create this new board, it killed a double-digit rate hike set to take place next month.
“They were gonna hit our coastal residents for a 10 percent hike, which is unfair,” Hunter said. “We stopped it … success.”
And with the creation of the oversight board comes increased participation.from lawmakers in other parts of the state.
“So, all the coastal folks know, we now have a statewide oversight of TWIA,” Hunter said.
But the law does more than force a study of TWIA’s funding models. It requires TWIA to give the public advance notice of any proposed rate increase in the future.
“You gotta let the public know – that’s a shocker – let the public know before you do it,” Hunter said. “And two, give the reasons for it and also give the amount of days for the public to provide a comment.”
Hunter does not yet know if he will be selected to be on that oversight board but says house leadership fully understand what’s at stake.
“Absolutely. the speaker of the house is excellent on coastal issues,” Hunter said. “He’s been a friend of mine on coastal issues. He and I have worked together over the last 12 years on coastal issues.”
That oversight board will begin looking at TWIA later in the fall and will present its findings to the governor, lieutenant governor and speaker of the house no later than mid-November, next year.
House Bill 1900 now heads to Gov. Greg Abbott for his signature.