Senate passes bill to reform Texas Windstorm Insurance Association funding and board rules
Senators approved committee substitute Senate Bill 2530 to change TWIA's funding structure and probable maximum loss calculations and to lower some minimum funding requirements, aiming to reduce TWIA's reliance on costly reinsurance.
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The Texas Senate passed committee substitute Senate Bill 2530 on May 1, a bill aimed at reforming the Texas Windstorm Insurance Association’s (TWIA) governance and funding model. Senator Middleton, the sponsor, said the measure ties statutory assessment limits to percentage growth in TWIA’s probable maximum loss (PML) and lowers the statutory minimum funding design standard from a 1-in-100-year PML to a 1-in-50-year PML to reduce the association’s reliance on expensive reinsurance.
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