Lawmakers work toward windstorm insurance funding solutions
AUSTIN — Lawmakers came out of a state hearing learning about a more financially stable Texas Windstorm Insurance Association but still with worries about overreliance on debt for the Coastal Bend's insurer of last resort.
At a hearing at the Capitol on Tuesday, the Texas Department of Insurance and the windstorm association heads talked about the association recently getting $500 million in bonds ahead of a disaster.
Along with being regularly under budget, John Polak, the general manager of the windstorm association said, "We remain one of the lowest cost plans in the United States."
However, the chairman of the House Insurance Committee, state Rep. John Smithee, R-Amarillo, said after the Tuesday hearing that the association news "is kind of mixed."
Read more: http://www.caller.com/columnists/matthew-waller/lawmakers-work-toward-windstorm-insurance-funding-solutions_14483069
