State Won't Cover TWIA Shortfall, Texas' Top Lawyer Says

Law360, Houston (July 01, 2013, 8:49 PM ET) -- Texas Attorney General Greg Abbott dealt the state’s beleaguered coastal windstorm insurer its latest blow Monday when he said it could not rely on a publicly funded bailout in the event of a catastrophic storm that created losses exceeding the agency’s ability to pay.

In response to an inquiry from Rep. John Smithee, R-Amarillo, Abbott said state law only allows the Texas Windstorm Insurance Association to pay damage claims from its own revenue stream, which was unable to keep the agency from the brink of financial...
To view the full article, register now.