CORPUS CHRISTI – Once again Texas Windstorm Insurance Association (TWIA) is proposing a 5% rate hike and once again coastal businesses and residents are coming together to fight it.
The United Corpus Christi Chamber of Commerce, along with area chambers of commerce, has scheduled a press conference for Dec. 5 at 10 a.m. at Omni Corpus Christi Hotel, 900 N Shoreline Blvd. in downtown Corpus Christi, to alert the media and the public about TWIA’s plan to raise rates on policyholders – again.
In a statement about the Nov. 19 TWIA Actuarial Committee meeting where they proposed the rate hike, the United Corpus Christi Chamber of Commerce said, “We are disappointed in the unnecessary, yet predictable recommendation handed down this week by the TWIA Actuarial and Underwriting Committee. The committee’s recommendation for a 5 percent rate hike, made via teleconference, was clearly not made in good faith.
“Not a single member of the committee was willing to vote in person, while many individuals from our Gulf Coast community made the over three-hour trip to Austin to address the committee in public comment.
“More importantly, no justification was made for the 5 percent increase and many of the committee members concerns remain unaddressed.”
The United Chamber also stated that TWIA has continued to push for an unjustifiable rate hike before the Legislature has had a chance to act on the reforms made in the last session.
For a rate hike to go into effect, it must be approved by the full TWIA Board of Directors.
Yet, there are currently two empty seats on that board – one for a first-tier coastal representative and one for a non-seacoast territory representative.
The United Chamber feels that it is unprecedented for the board to move forward with a rate increase while policyholders are not fully represented.
Perhaps it’s a bold move or simply serendipity, but the next TWIA Board of Directors meeting is in Corpus Christi and scheduled to begin at 8:30 a.m. at the Omni Hotel.
The meeting will be open to the public.
Members of the public may also submit comments about items to be considered by the board prior to the meeting by emailing PublicComment@twia.org. Comments received by noon on Friday, Dec. 6, will be compiled and shared with members of the board.
The United Chamber urged residents to attend and said, “We need a strong turnout to let TWIA know we will not stand for a rate hike.”