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Senate backs revised TWIA financing plan, adopts amendment to ease reinsurance pressure
Summary
The Texas Senate passed a measure to change how the Texas Windstorm Insurance Association finances excess losses and operating expenses, adopting an amendment intended to lower TWIA's reliance on expensive reinsurance by altering probable-maximum-loss assumptions.
The Senate on Monday passed a committee substitute to House Bill 3689 addressing funding for the Texas Windstorm Insurance Association (TWIA). Sponsors said the bill shifts some catastrophe financing from high-cost private reinsurance toward state-financing mechanisms, authorizes up to $500 million in pre-event financing and $1 billion in post-event financing, and creates a temporary catastrophic-surcharge…
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