State Rep. Todd Hunter's windstorm bill to go before House insurance committee Tuesday
CORPUS CHRISTI — AUSTIN — A bill that would strengthen the ailing financial and funding structure of the Texas Windstorm Insurance Association is slated to go before the Insurance Committee of the House of Representatives on Tuesday.
State Rep. Todd Hunter, R-Corpus Christi, authored House Bill 2352 that would preserve the association and continue funding claims payments through a combination of bonds while allowing the association to go out for money through surcharges on policyholders and assessments on member insurance companies.
The association — also called a residual carrier — is the wind and hailstorm insurer of last resort for more than 266,000 policyholders in 14 counties near the Texas coast.
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The new proposal requires statewide participation in later stages of funding for post-storm claims and alleviates the association’s dependency on repaying some bonds with policyholder premiums — viewed in bonding markets as a relatively unstable revenue source.
More at http://www.caller.com/news/2013/apr/15/state-rep-todd-hunters-windstorm-bill-to-go/ .
