Texas Wind Insurance Pool Votes To Hike Premiums

Law360, Houston (August 13, 2013, 8:48 PM EDT) -- Leaders at Texas’ coastal windstorm insurance pool voted Tuesday to raise premium rates charged to consumers by 5 percent while narrowly rejecting a proposal to restore the association’s strained coffers through a $575 million assessment against member insurance companies.

The board of directors for the Texas Windstorm Insurance Association easily passed a resolution to increase premiums for 2014, but were evenly split over forcing insurance companies to help cover hundreds of millions in unexpected costs associated with Hurricane Ike, citing uncertainty over whether the move would...
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