Texas Windstorm Insurer On Financial Brink, Lawmakers Told

Law360, Houston (November 1, 2012, 11:42 PM EDT) -- Texas lawmakers on Thursday expressed frustration with the precarious financial condition of the state’s coastal windstorm insurance pool, saying the fund has been drained by hundreds of millions of dollars in excessive litigation settlements and other expenses.

The Texas Windstorm Insurance Association was operating on cash flow and was unprepared to pay out if another major hurricane struck the Gulf Coast, the heads of TWIA and the Texas Department of Insurance told members of the Joint Committee on Oversight of Windstorm Insurance. TWIA is a state...
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