Texas Windstorm Insurance — What's Next?

Law360, New York (June 30, 2009, 12:00 AM EDT) -- During the recently completed 81st Legislative Session, the Texas legislature adopted the most significant reforms to the Texas Windstorm Insurance Association (“TWIA”) since 1997 with the passage of House Bill 4409 (“HB 4409”).

This legislative reform was forced upon legislators due to $2.5 billion in losses from Hurricane Dolly and Hurricane Ike in 2008.

These losses were paid from $1.5 billion in reinsurance proceeds, the totality of TWIA reserves in its catastrophe reserve trust fund (“CRTF”), and $530 million in assessments to TWIA insurer members....
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